Rotation of auditor
This query is : Resolved
03 January 2015
Under companies act 2013; Husband , wife and son are chartered accountant and have their individual proprietor firm.
my question is as per rotation policy of 5 years, can son / wife
take audit of father / husband.
please give view.
07 January 2015
According to my view they can take the audit.
For the purpose of the rotation of auditors
the incoming auditor or audit firm shall not be eligible if such auditor or audit firm is associated with the outgoing
auditor or audit firm under the same network of audit firms.
Explanation. I - For the purposes of these rules the term “same network” includes the firms operating or functioning, hitherto or in future, under the same brand
name, trade name or common control.
For the purpose of the rotation of auditors
the incoming auditor or audit firm shall not be eligible if such auditor or audit firm is associated with the outgoing
auditor or audit firm under the same network of audit firms.
Explanation. I - For the purposes of these rules the term “same network” includes the firms operating or functioning, hitherto or in future, under the same brand
name, trade name or common control.
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