09 January 2015
As per Section 139(2), an individual cannot be appointed as an auditor for more than 5 consecutive years and an auditors firm for not more than 10 years?
My query is, does the above provision apply for Private companies with paid up capital below 20 Crores??
09 January 2015
So that means,there is no limit in the number of years an auditor or auditors firm can audit a private limited company which does not fall under Section 139(2)?
09 January 2015
So that means,there is no limit in the number of years an auditor or auditors firm can audit a private limited company which does not fall under Section 139(2)?
09 January 2015
It means max period of appointment shall be 5 years and it must be approved (ratified) by shareholders in agm every year, so in 2nd year they do not ratify then only for 1 year such auditor shall be company auditor for that company.
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