As per Clause 139 of Companies Bill,2011
No listed company or a company belonging to such class or classes of companies
as may be prescribed, shall appoint or re-appoint—
(a) an individual as auditor for more than one term of five consecutive years; and
(b) an audit firm as auditor for more than two terms of five consecutive years
Does that mean appoint ment of auditors in general meeting has been done away with and auditor can be appointed for 5 years' term or auditor can be appointed only for term?
Hope I am clear.
Hope I am clear.
CAclubindia
