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tenure of an audit firm
A auditor is appointed for 2 year in 1956 act and after 2013 for 5 year . Now company want to reappoint him ...As the rule 6 of audit and accounts 2014 says for audit firm max no.of year is 8 ( if already appointed for 2 year in old act) and already 5 year has gone. As per company act auditor should not be appointed or reappoint for less than 5 year ( remaning time is only 3 year) how to comply ??????
Replies (1)
No, As per general interpretation auditor can be appointed for period less than 5 Yrs, Words Written down As, " Auditor shall hold office from first Agm to TILL the conclusion of 5th AGM" ,So you can appoint him for period lesser than 5 Yrs... Also confirmed in some of the webinars of ICSI...
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