Can anyone please clarify the sentence "Break in the term for a continuous period of 5 years will be considered as fulfillment of criteria of rotation"?? if one auditor has retired from office after holding 2 years and took a gap of 2 years and again appointed for the same company for a period of 3 years. isn't cooling period of 5 years apply??
Auditor cant be appoint for the period more then or less then 5 year at the time of appointment. So you cant appoint him as auditor for 3 year in any situation.
No breakdown for 2 year will not fulfil the criteria of cooling period. Cooling period depend upon the term of not the no. of years.
12 February 2016
Thank you sir, Can you please interpret in detail "Break in the term of continuous period of 5 years will be considered as fulfillment of criteria of rotation"
CAclubindia
