Rotation of auditors
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2018
As per Section 139 of Companies Act, 2013, there is mandatory clause requiring rotation of auditors if the borrowings from banks in case of an unlisted public company crosses ₹ 50 crores. However, 3 years is given as transition period for rotation. In one case, the borrowings have crossed ₹ 50 crores only in FY 2016-17 for the first time. Therefore, would an auditor who has been the auditor of the company for the last twenty years be eligible for FY 2017-18 or no ? Would the transitional period of 3 years begin from the date of commencement of Act or from FY 2016-17 ?
Jatin Bajaj
(Expert)
21 March 2018
period of transition will commence from date of commencement of Companies Act 2013
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
