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who is called as retiring auditor?

gov vardhan (24 Points)

09 December 2017

please explain the meaning of retiring auditor with example.

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3 Replies

Abhishek Dwivedi (18 Points)
Replied 12 December 2017

Auditor- Independent person who does audit.

Auditor Holds term for a period of 5Yrs(individual) or 10yrs(Audit firm).

After that he is retired From the office ....

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umang bhanushali (4 Points)
Replied 19 December 2017

That is cooling off period for an auditor where company has to appoint another auditor after taking service from same auditor for 5 consecutive years ...
After 5 years of cooling off period, an auditor can again be reappointed by the company

umang bhanushali (4 Points)
Replied 19 December 2017

For a partnership firm same is applicable for 10 years
but cooling off period remains 5 years & an individual partner can still render only 5 years of service to a compay & 5 another years may have to be completed by another partner