Dear Professionals,
Please clarify.
A private limited company appointed an audit firm from 2014. The paid up capital is Rs 5 crores and Turnover is Rs 14 crores. The borrowings of the company exceeds Rs 50 crores on October 2024. Please suggest can the firm continue as statutory auditors upto 2025 since the borrowings trigger on october? Can the same audit firm be appointed as Statutory auditors for other term of five years from 2025? or new auditor to be appointed due to increase in borrowings.
Thanks in advance.
CAclubindia
