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Rotation of auditor

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(Querist)
20 December 2011 Pl provide the reference of section which describe rotation of statutory auditor ? Whether it is compulsory to rotate?
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CA Pabbaraju Laxmi Narasimha

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CA Pabbaraju Laxmi Narasimha (Expert)
20 December 2011 according to the provisions of the SOX Act. the auditor of a company shall be rotated for every 5 years. this clause is inserted because to protect the independence of the auditor.

if the auditor works for the same company for a longer period, he automatically looses his independence.
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