Section 144 — Auditor not to render certain services

An auditor appointed under this Act shall provide to
the company only such other services as are approved by the Board of Directors or the audit committee, as
the case may be, but which shall not include any of the following services (whether such services are
rendered directly or indirectly to the company), or its holding company or subsidiary company, namely:—
(a) accounting and book keeping services;
(b) internal audit;
(c) design and implementation of any financial information system;
(d) actuarial services;
(e) investment advisory services;
(f) investment banking services;

1. Ins. by notification No. S.O. 1226(E), dated 29th March, 2016 (w.e.f. 10-4-2015).
2. Subs. by Act 21 of 2015, s. 13, for sub-section (12) (w.e.f. 14-12-2015).
3. Subs. by Act 1 of 2018, s. 43, for “cost accountant in practice” (w.e.f. 9-2-2018).
4. Subs. by Act 29 of 2020, s. 30, for sub-section (15) (w.e.f. 21-12-2020).

(g) rendering of outsourced financial services;
(h) management services; and
(i) any other kind of services as may be prescribed:
Provided that an auditor or audit firm who or which has been performing any non-audit services on or
before the commencement of this Act shall comply with the provisions of this section before the closure of
the first financial year after the date of such commencement.
Explanation.—For the purposes of this sub -section, the term “directly or indirectly ” shall include
rendering of services by the auditor,—
(i) in case of auditor being an individual, either himself or through his relative or any other person
connected or associated with such individual or through any other entity, whatsoever, in which such
individual has significant influence or control, or whose name or trade mark or brand is used by such
individual;
(ii) in case of auditor being a firm, either itself or through any of its partners or through its parent,