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Re-appointment of Statutory Auditor for mandatory 5 years?
If a Statutory Auditor Firm is reappointed for Second term , is it mandatory as per Companies Act to re appoint them for 5 years in their second term?
Replies (5)
Quick Summary
Yes it is mandatory for appointment for 5 years but any statutory auditor may be removed from his office even before his expiry of term
Yes it's mandatory for all types of companies.
It is not mandatory to re-appoint in second term. Company can have colling off period of 5 years
For listed companies and other kind of prescribed companies , Auditor or audit firm may be appointed for One/two Term of less than 5 Years (as the case may be) for all other companies ,auditor should be appointed for 5 years (and no concept of rotation is applicable ).
Hi chirag, any citation in company's act or reference anywhere , where retiring auditor firm in their second term can be Re-appointed for less than five years?
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