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Section 112
Inability to be appointed auditor
: (1) The following person or a firm or company in which such person is a shareholder may not be appointed as an auditor and may not continue in office even if he has been appointed:-
(a) Directors of the company, consultants appointed to receive regular remuneration or cash benefits, persons in the management group of the company or employees or workers or any of their partners or employees of any of such partners or close relatives of directors or partners or their employees,
(b) any person who has taken a loan from the company or any person who has not paid any amount due to the company within the due date or a close relative of such person,
(c) a person convicted of an offense relating to audit who has not paid a term of three years,
(d) A person who is dependent on a creditor,
(e) a fundamental shareholder of the company or a shareholder holding one percent or more of the paid-up capital of the company or his close relative,
(f) a person convicted of a criminal offense of corruption, fraud or moral turpitude, in default of five years,
(g) A person under sub-section (3) of section 111,
(h) In the case of public companies, any document prepared by a person working full time or part time in any government or Nepal government organization or any other company or his partner or a person working as an employee of such partner or the management of the company or A person authorized to sign the report,
(i) Limited liability company or body corporate.
(j) A person who has any interest in the business with the company or his close relative or a director, officer or basic shareholder of another company who has any interest in the business with the company.
(2) Before being appointed, the auditor shall inform the company in writing that he is not disqualified as per sub-section (1).
(3) If an auditor is unfit to audit a company before the expiry of his term of office or if a situation arises where he cannot be appointed or remain an auditor of the company, he shall auditThe work to be done or to be done should be immediately stopped and the company should be informed in writing.
(4) An audit conducted by an auditor appointed in contravention of this section shall not be valid.
(a) Directors of the company, consultants appointed to receive regular remuneration or cash benefits, persons in the management group of the company or employees or workers or any of their partners or employees of any of such partners or close relatives of directors or partners or their employees,
(b) any person who has taken a loan from the company or any person who has not paid any amount due to the company within the due date or a close relative of such person,
(c) a person convicted of an offense relating to audit who has not paid a term of three years,
(d) A person who is dependent on a creditor,
(e) a fundamental shareholder of the company or a shareholder holding one percent or more of the paid-up capital of the company or his close relative,
(f) a person convicted of a criminal offense of corruption, fraud or moral turpitude, in default of five years,
(g) A person under sub-section (3) of section 111,
(h) In the case of public companies, any document prepared by a person working full time or part time in any government or Nepal government organization or any other company or his partner or a person working as an employee of such partner or the management of the company or A person authorized to sign the report,
(i) Limited liability company or body corporate.
(j) A person who has any interest in the business with the company or his close relative or a director, officer or basic shareholder of another company who has any interest in the business with the company.
(2) Before being appointed, the auditor shall inform the company in writing that he is not disqualified as per sub-section (1).
(3) If an auditor is unfit to audit a company before the expiry of his term of office or if a situation arises where he cannot be appointed or remain an auditor of the company, he shall auditThe work to be done or to be done should be immediately stopped and the company should be informed in writing.
(4) An audit conducted by an auditor appointed in contravention of this section shall not be valid.