Rule 5 of audit & auditors

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2014 Please tell me applicability of clause c of rule 5 of Audit & Auditors Rule 2014 of Companies Act 2013 regarding public borrowing & public deposits. Also, confirm me whether the limit of Rs. 50crore is only in respect of public deposits or it is applicable in case of borrowings from public financial institutions and banks.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
Follow

15 December 2014 Listed company or all unlisted public companies having paid up
share capital of Rs. 10 crore or more, all private limited companies
having paid up share capital of Rs. 20 crore or more, all companies
having public borrowings from financial institutions, banks or public
deposits of Rs. 50 fifty crores or more shall not appoint or re-appoint
an individual as auditor for more than one term of 5 consecutive Years;
and an audit firm as auditor for more than two terms of 5 consecutive
years. These auditor (either individual/audit firm) can be re-appointed
after cooling off period of 5 years. Three years transition period will
be given to comply this requirement.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

siddhesh satardekar

ARUP BHATTACHARYA

venkatesh c

KANHA ASSOCIATES

Raj Jaggi

Subscribe Now

Rule 5 of audit & auditors

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Senior Executive

GST CONSULTANCY

GST CONSULTANT

Manager- Finance and Compliance

CA Final