As per Section 139, Read with Rule 5 of Companies Auditor Rules, Rotation of Auditor shall be applicable on following Companies
All listed Companies
All unlisted Companies having paid up share capital of 10 crore or more
All private Companies having paid up share capital of Rupees 50 crore or more
And All Companies having borrowings from bank and public financial institution exceeding 50 crore as per the last audited balance sheet
What about applicability on Government companies?
In Govt companies CAG Appoint auditor everyyear?
Does it need to change the auditor after 5 years
For Government Audits CAG Appoints auditors on a yearly basis.
Listed Co (both equity or debt instrument private / public)
Unlisted Co having paid up share capital(both Preference and Equity to be counted) of 10 Cr or more
All private Companies - share capital of Rupees 50 crore or more
Other Companies - borrowings exceeding 50 crore as per the last audited balance sheet
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