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Rotation of auditors

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(Querist)
10 February 2016 Hi Experts,

Can anyone please clarify the sentence "Break in the term for a continuous period of 5 years will be considered as fulfillment of criteria of rotation"?? if one auditor has retired from office after holding 2 years and took a gap of 2 years and again appointed for the same company for a period of 3 years. isn't cooling period of 5 years apply??
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
12 February 2016 Ms. Sweta,

Auditor cant be appoint for the period more then or less then 5 year at the time of appointment. So you cant appoint him as auditor for 3 year in any situation.

No breakdown for 2 year will not fulfil the criteria of cooling period. Cooling period depend upon the term of not the no. of years.
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swetha

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swetha (Querist)
12 February 2016 Thank you sir, Can you please interpret in detail "Break in the term of continuous period of 5 years will be considered as fulfillment of criteria of rotation"
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