Comment on the following: A statutory auditor of a private limited company is restricted to take up any other assignment in the companies.

The statement is correct. Section 144 of the Companies Act, 2013 provides that 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), viz.:- accounting and book keeping services; internal audit; design and implementation of any financial information system; actuarial services; investment advisory services; investment banking services; rendering of outsourced financial services; management services; and any other kind of services as may be prescribed. Therefore, the statement that a statutory auditor of a private company is restricted to take up any other assignment in the company is correct. It cannot take up assignment or provide services on the above mentioned matters being statutory auditor of the company.