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piyush (Querist)
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13 October 2014 Q. What are the implications of 2nd Proviso of Section 139(2) Act,2013
"Provided further that as on the date of appointment no audit firm having a common partner or partners to the other audit firm, whose tenure has expired in a company immediately preceding the financial year, shall be appointed as auditor of the same company for a period of Five Years"

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 October 2014 it means the firm to be appointed after a firm becomes ineligible on account of completion of 5 years, such new firm cannot have a partner who is also partner in the earlier audit firm...