07 January 2015
if Mr. a has audited a company for 5 consecutive year in his individual capacity.. now after 1 year of completion of 5 concecutive years.. Mr A becomes partner in ABC firm... can ABC firm get audit of that company. ..
07 January 2015
the incoming auditor or audit firm shall not be eligible if such auditor or audit firm is associated with the outgoing auditor or audit firm under the same network of audit firms.
if a partner, who is in charge of an audit firm and also certifies the financial statements of the company, retires from the said firm and joins another firm of chartered accountants, such other firm shall also be ineligible to be appointed for a period of five years.
the aforesaid rule apply in case of rotation of auditor
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