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Hi the appointment of auditors for a term of five years starts from this year itself or we hv the grace period of three years for small companies also(where rotation is not required).Further the form ADT-1 is required to be filed every year with ROC after ratification of auditors in AGM or it is required to be filed only once in five yrs i.e at the time of appointment for five years.

Auditors

Posted By: Anita 10 year(s) ago

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Expert Ankit Singhi

Grace period is given to those companies who need to comply with the provisions of section 139(2). As small companies not covered under that it need to appoint auditor for 5 years as per section 139(1). Further ADT-1 is required to be filed once i.e. only at the time of appointment.

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SUSHIL KUMAR ANTAL

Please note that transition period of 3 years is allowed only to Listed company and other class or classes of Companies as may be prescribed under section 139(2). For companies falls in Section 139(1), there is no grace period. So Auditor will be appointed for at least 5 years. In my opinion, ADT-1 shall be filed every year.

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