Hi Friends,
I read the pdf file of 'amendments in Audit - applicable for May 2012 attempt' uploaded by caclubindia member 'Aseem' (has done a great job)
I didn't get one particular para which was mentioned in that file, which is read as under :-
The Committee on Ethical Standards, decided that it is not permissible for a member who has been Director of a Company, upon resignation from the Company to be appointed as an auditor of the said Company, and the cooling period for the same may be 2 years |
Can anyone explain me what it exactly is?