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Rotation of Auditor and cooling off period

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Akash (Querist)
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27 October 2016 what is the effective date to be considered for computing transition phase for the purpose of rotation of auditor. please clarify withone example

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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29 October 2016 The cooling period of auditors was given for three year which means that it would be considered from 2013-14 and 2016-17. If auditor is auditing the organization for more than 5 years lets say 7 years, he can be auditor for next 3 years. If the period is less than 3 years, then he can continue till 5 years. The period would change to 10 years in case of partnership firm and the same rule would apply.

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