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This statement is FALSE. Internal Auditor is appointed by the Management.
External Auditors are appointed by the Board of Directors ratified by the shareholders in Annual General Meeting (AGM) . Provided that External Auditors appointed by the Board can be removed / replaced from their office by the Shareholders on valid grounds.
Fals the exretnal Auditor is appointed by board of directors
elaboration of management is required like:
a: in mostly large scale firms BoDs are exist.
b: in mostly large scale firms Governing body is exist.
c: in mostly large scale firms within organization recruitment committee is exist.
d: in mostly firms one man decision is applied.
So, if in above serial No. a to c BoDs, Governing body OR recruitment committee is consider as a management, than, An external auditor is appointed by management.
