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Question ID : 32756

Auditor's Rotation

An auditing firm XYZ was appointed as the auditor of Co. ABC Pvt. Ltd in the AGM Held at 2014 as per the provisions of the companies Act, 2013 for 5 years. It being a Pvt Limited company, not breaching the limits of Section 139(2), rotation of auditors was not applicable to it. In F.Y. 2017-18 ABC Pvt Ltd converted into ABC Ltd and it breached the limits of Section 139(2) for the first time in F.y. 2017-18. My query are as follows :- a) From which effective date will the rotation be applicable from ? b) Is the appointment for 5 years still valid for XYZ or should the company appoint the auditor afresh ? b) Can the auditor be appointed for a term of 5 more years after F.Y. 2018-19 considering that the rotation of Auditors be applies to XYZ from F.y. 2017-18.

Posted by Akshay on Aug 02, 2018

Filed Under CORPORATE & OTHER LAWS