Regarding re-appointment of auditor : companies act 2013

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Namita Bhade (Querist)
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09 January 2014 Suppose if an Unlisted Pvt. Ltd. Company Appointed An Individual Auditor in the AGM held in september-2013 for the financial year 2013-14.

Can the auditor could hols the office only till conclusion of next AGM..?????

And Is it mandatory that there must be a gap of 5 years for his Re-appointment..??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 January 2014 Dear Namita,

under companies act 2013, the auditor is to be appointed for a period of 5 years. this would include the period already served.

However, there is a three year period to implement the new regime of auditor appointment. So you may continue the old process for three years ie appointment for one year till the conclusion of next year.

Yes, once the new regime kicks in the cooling period for individual CAs is mandatory.

Namita Bhade

Namita Bhade (Querist)
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09 January 2014 Thanks Nikhil Sir For your answer..

Is It means that the process of appointing the individual auditor for the term of five years will be start from F.Y.2015-16 onwards..?????

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 January 2014 it means that you have the option to do so..but you can start immediately too...it is a three year window to adopt the new regime...you can do it anywhere within this period.

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