Updated Online video classes available for CA,CS,CMA for May20 and Nov20 batch. Call: 1800-3000-0505

auditor reappointment by rotation

Anamika Khare   11 September 2019

Anamika Khare

 3 points

| My Other Post

Is Auditor rotation clause applicable to Private companies?


Jatin Bajaj (CS)     12 September 2019

Jatin Bajaj
 215 likes  2713 points

View Profile | My Other Post

Yes subject to section 139 (2), read with rule 5 of Companies (Rotation of auditors) rules 2014, every private Company having paid up share capital of 50 crores or more or having the aggregate loans or borrowings from banks or financial isntitutions in excess of 50 crore rupee or more have to mandatory comply with the provisions of rotation of auditor. Means no individual shall hold the office for more than the period of five years and no audit firm shall hold the office for more than 10 years. and the same individual or audit firm cannot  do audit in same Company for period of five years from date of expiration of the current term.


shakeel ahmed (member)     12 September 2019

shakeel ahmed
 1 likes  47 points

View Profile | My Other Post

The aforementioned rule are not applicable for small companies. it means that we can appoint individual auditor for more than one tern of five yeah and in case of firrm we can appt for more than 2 term of five year

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Popular Discussion

view more »