Listed Companies and companies belonging to such class shall appoint or re-appoint an auditor for 1 or 2 term as the case may be, Query1: My firm is an auditor of private limited company from 2009-2010 and in F.Y 14-15, the public borrowings of the company exceeds 50Cr, now whether the rotation of auditors will apply to my firm and if, then for how many years my firm can continue as an auditor for this company. Query 2: When we have to see the applicability of the provision rotation of auditor, whether it is every year or at the end of term completed (after 5 years). Query 3 : Whether the company is required to file ADT-1 Every year even he is appointed for 1 term (say 5 year), however for every year ratification whether ADT-1 is required to be filed.

Section 139- Appointment of auditors.

Posted By: Chirag shah 9 year(s) ago