Regarding appointment of auditors

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devansa

article student

58 Points Joined July 2016

As per section 141 of the Companies Act 2013, an auditor is to be removed for the AGM ending 2017 in case it continues as a Proprietory concern for more than 5 years and 10 years in case of a firm consecutively as on the date of commencement of the Companies Act 2013. My query is a person whereas completed more than 5 years and afterwards joined as a partner in the firm and the firm has been appointed by the company which has not completed 10 consecutive years as on the commencement of the act even though the person has acted an auditor as a proprietor and partner of a firm for more than 10 years. In this circumstances whether the firm can continue even after 2017.

Replies (2)

Guest

section thappu... it's 139........ 141 is about eligibility n disqualifications of Auditors.......
answer for your query:- 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. ...........FIRM can't be appointed as Auditor

Guest

10 consecutive years???? 2 terms of 5 consecutive years eaCh.. You can't appoint a firm as a Auditor for 10 years at a time... first 5 years appoint chesi..malli next 5 years Ki appoint cheyali...