Rotation of auditors for 5 years

Dear Mr.pal,

                          auditors are generally appointed from the date of AGM till the next , once the next agm ends he has to vacate his office unless he is reappointed.

Actually according to the Companies Bill, 2012 the auditors can be appointed for 5 years. But Can u please clarify about its applicability? Whether its applicable for public co or pvt co. or for all the companies?

The Bill is not yet clear on its appliocability. Although it is applicable on listed companies but it also says any other company as may be preseciribed.

This will be clear when a separate set of rules will be issued in this regard.