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SSC Audit Tax Finance P-II QUESTION #6218
Question 1
Under Section 252(6), if a company fails to appoint the 'First Auditors' within 120 days of incorporation, the power of appointment shifts to:
  • The Securities & Exchange Commission of Pakistan (SECP)✔️
  • The Shareholders in a General Meeting
  • The Board of Directors
  • The Registrar of Companies
Correct Answer Explanation
If the first auditors are not appointed by directors or members within 120 days, the SECP (Commission) assumes the power to appoint.