meaning of retiring auditor

gov vardhan (24 Points)

09 December 2017

please explain the meaning of retiring auditor with an example

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Divakar (Student CA Final ) (11847 Points)
Replied 09 December 2017

When he complete his tenure either 5 yrs in case of individual and 10 yrs in case of firm... However in every AGM auditor is reappointed

Divakar (Student CA Final ) (11847 Points)
Replied 09 December 2017

Plz go through the provision of section 139,140,141 of company act 2013

gov vardhan (24 Points)
Replied 09 December 2017

I have went through the provisions of section 139 of the act.

there the meaning is
"the auditor who retires at the first agm and holds office till the next agm."

I'm unable to understand those lines.

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Divakar (Student CA Final ) (11847 Points)
Replied 09 December 2017

At every AGM auditor is retiring auditor... He is reappointed by members in every AGM... ratified by member

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gov vardhan (24 Points)
Replied 09 December 2017

that means the existing auditor will be called as retiring auditor at an agm?

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Divakar (Student CA Final ) (11847 Points)
Replied 09 December 2017

Yes at every AGM they r being reappointed by members... Members can remove him with the permission of cg

gov vardhan (24 Points)
Replied 09 December 2017

thank u very much for ur replies

Divakar (Student CA Final ) (11847 Points)
Replied 09 December 2017

U r most welcome 😀

Kishore Jaya (2 Points)
Replied 10 September 2018

Can any one explain sec 140(4) of companies act 2013.i didn't understand the words ....... Except retiring auditor who completed him term..... Because any how they cannot reappoint.... Please could explain the above sec clearly

R Harish (student) (2 Points)
Replied 01 July 2021

sec 140(4) specifies the situations where special notice is required as per sec 115

it is up to members in deciding to appoint another person than retiring auditor or, expressly providing not to appoint the retiring auditor

here retiring auditor simply means the auditor who has completed his tenure as the case may be u/s 139(2).

auditor to be reappointed need not be ratified by the members ( amendment act 2017).

therefore sec140(4) applies where the auditor has not completed his tenure

hania 19bcomh1366 (2 Points)
Replied 12 May 2022

Within the 5 years tenure of the auditor , at every AGM, auditor will become the retiring auditor ,OR if it completes its 5 year tenure ,then he becomes the retiring auditor?