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Auditor,s appointment

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(Querist)
10 April 2016 According to companies act 2013,the appointment of every auditor is ratified at the AGM by the shareholders,then what is the use of saying that he is appointed for 5 consecutive years?
Is 5 year tenure mentioned for cooling period purpose or something else?
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Mandar

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Mandar (Expert)
11 April 2016 Your Query 1 :- Due to regulatory requirement Rule 3(7) Companies(Audit & Auditors) Rules 2014
Your Query 2 :- The Cooling off period is mentioned for good governance & maintaining the independence of Audit
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