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who is called as retiring auditor?
please explain the meaning of retiring auditor with example.
Replies (3)
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 ....
Auditor Holds term for a period of 5Yrs(individual) or 10yrs(Audit firm).
After that he is retired From the office ....
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
After 5 years of cooling off period, an auditor can again be reappointed by the company
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
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
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