Regading rotation of auditor in pvt ltd company

This query is : Resolved

birjesh (Querist)
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18 August 2014 Mr. X has been Appointed or Reappointed as individual auditor of M\s PQR Ltd for the last seven(7) Years under Companyies Act,1956.
He was also reappointed as Auditor of the same company for the F.y 2013-14 in the AGM held on 27.09.2013

My Query is :-
A.) Whether Mr X is Eligible for being reappoint as Auditor of same Company as per the provision of companies Act, 2013

B.)If yes, then for how many year he can Audit the Company

C.)State Provision Regarding rotation of the Auditor in the case "Sited Above".

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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22 August 2014 Section 139 (2) read with Rule 5 of Companies (Audit and Auditors) Rules,
2014.

A. Number of consecutive years for which
an individual auditor has been
functioning as auditor in the same
company- 7 Years

B. Maximum number of consecutive years for which he may be appointed in the same
company (including transitional
period)- 3 YEARS