27 January 2017
The auditor will be appointed for the period of 5 years in case of sole proprietor firm. However, in case of partnership firm, the firm can be appointed but the partner has to be changed after 5 years. The cooling period was for 3 years from the date when the section was made applicable. After the cooling period, the old auditor has to be rotated if they have completed 10 / 5 years (as applicable)
27 January 2017
The term of auditor is for 5 year in case of individual & 10 years for partnership firm (by rotating the signing partner after 5 years). The cooling period is for 3 years.
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