Rotation of auditors

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Aravinda Ghate D (Querist)
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14 January 2015 “SN & Co”, is a CA firm having Mr A, Mr B and Mr C are partners of the firm.

New CA Firm, “SN & Associates”, is formed on 10.01.2015 wherein Mr A and Mr D are partners

On 12.01.2015 Mr A Retired from SN & Co.

Presently “SN & Co”, is the Auditor of PQR Limited and Balance Sheet of PQR Limited was signed by Mr A for and on behalf of “SN & Co”for the year ended 31.03.2014.

“SN & Co” term expires as an auditor of the PQR Limited for the Financial Year 2016-2017.

Now, whether “SN & Associates”, is eligible to Appoint as an auditor of the PQR Limited for the for the Financial Year 2017-2018

Thanking you

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 January 2015 SN & Associates is not eligible since it has a common partner namely Mr. C in SN & co whose term is expired as per provisions of co act 2013 under sec 139(3) & (4) and under companies audit and auditors rule,2014.

Aravinda Ghate D

Aravinda Ghate D (Querist)
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14 January 2015 Dear Sir, Common Partner MR A Retired on 12.01.2015.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 January 2015 Ok in this case if mr c is not the common partner then there is no restriction as then they are out of the "network of for firms" also as per sec 139(3) &(4).

hence they can be appointed as auditor for fy17-18

Aravinda Ghate D

Aravinda Ghate D (Querist)
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14 January 2015 Thank You Tushar Sampat Sir for your kind reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 January 2015 You are welcome arvinda g...............

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