Company law
This query is : Resolved
CA Vishal Dalmia
(Querist)
17 December 2014
FOR HOW MANY YEARS CAN A AUDITOR BE APPOINTED FOR A SMALL PRIVATE LIMITED COMPANY
CS Mitesh Mehta
(Expert)
18 December 2014
The appointment of auditors shall be made for a 5year term subject to ratification at every AGM.
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CA Vishal Dalmia
(Querist)
18 December 2014
THANKS SIR, WHETHER THE SAME WILL BE APPLICABLE FOR 8 YEAR OLD EXSISTING PRIVATE LIMITED COMPANY ALSO
CS Mitesh Mehta
(Expert)
18 December 2014
YES
In case private limited companies
having paid up share capital of Rs. 20 crore or more, and having public borrowings from financial institutions, banks or public deposits of Rs. 50 fifty crores or more shall not appoint or re-appoint
an individual as auditor for more than one term of 5 consecutive Years;and an audit firm as auditor for more than two terms of 5 consecutive years.
These auditor (either individual/audit firm) can be re-appointed after cooling off period of 5 years. Three years transition period will be given to comply this requirement.
In case private limited companies
having paid up share capital of Rs. 20 crore or more, and having public borrowings from financial institutions, banks or public deposits of Rs. 50 fifty crores or more shall not appoint or re-appoint
an individual as auditor for more than one term of 5 consecutive Years;and an audit firm as auditor for more than two terms of 5 consecutive years.
These auditor (either individual/audit firm) can be re-appointed after cooling off period of 5 years. Three years transition period will be given to comply this requirement.
CA Vishal Dalmia
(Querist)
18 December 2014
Thanks Sir for such an immidiate action from your hand. It has been of an immence help in resolving the Company law matter.
CS Mitesh Mehta
(Expert)
19 December 2014
It's my pleasure to help you
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