How a retiring auditor whose tenure of 5 years has just expired in a listed entity can be reappointed, in the case where the proposed auditor dies before his appointment?
Does sec 139(10) stands without withstanding any other provision in the act?
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Clarification regarding sec 139(10)
Replies (5)
No auditor eligible after expiration of his tenure. So ineligible for appointment as auditor. For individual tenure is 5yrs only.
rotation of auditor is applicable for
co specified u/s 139(2)
co specified u/s 139(2)
He and the firm in which he is a parent shall NOT be eligible to appoint or reappoint unless 5 years has been expired from the date of resignation as an auditor.
if auditor is a firm than it will be eligible
In case of firm the tenure is of 2 terms. Each tearm compromise 5 years. So if company appointed any firm as an auditor then in such firm will be eligible to reappoint for maximum period of 5 years.
However in case of Individual he should held office of auditor maximum period of 5 years only.
However in case of Individual he should held office of auditor maximum period of 5 years only.
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