Hi All
Please advise
A private company appointed statutory auditor for a term of 3 years then reappointed him again for another period of 3 years
Can the firm again be reappointed for period of 3 years. As total period is less than 10 years
Thanks in advance
As per section 139 of the Companies Act, a sole proprietor can be appointed for a term of 5 years and a partnership firm for a period of 10 years. However, there has to be rotation of partner after 5 years.
In the stated case, the firm can be further appointed for 3 years as it is less than 10 years. However, there has to be rotation of partners.
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