auditor reappointment by rotation
Anamika Khare (4 Points)
11 September 2019
Is Auditor rotation clause applicable to Private companies?
Anamika Khare (4 Points)
11 September 2019
Jatin Bajaj
(CS)
(2928 Points)
Replied 12 September 2019
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)
(47 Points)
Replied 12 September 2019
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