Rotation of auditors
This query is : Resolved
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
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
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.
14 January 2015
Dear Sir, Common Partner MR A Retired on 12.01.2015.
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
hence they can be appointed as auditor for fy17-18
14 January 2015
Thank You Tushar Sampat Sir for your kind reply
14 January 2015
You are welcome arvinda g...............
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- TDS Return Q1 FY 2026-27
- Rental income gst and it purpose
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- EPF FULL & FINAL RULES IN 2026
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
