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Term of appointment of statutory auditors

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(Querist)
16 September 2014 In terms of section 139 of the Companies Act 2013, companies has to appoint statutory auditor who shall hold office for a term of 5 years. Whether this term of 5 years is compulsory or can we appoint for one year as provided in the 1956 Act?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 September 2014 5 years. Pl comply sec.139 of 2013 Act.
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