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Could you please clarify the following on the appointment of auditors please. We are private limited company having a paid up capital of less than 20 crores. The existing auditors have completed 3years. We need to re-appoint in the AGM for next term. The present act requires appointment at the Board +AGM for 5 years. The clarification are as follows: a) Is it mandatory we have to appoint auditors for next 5years. b) If so whether we have to appoint for next two consequent years since they have already completed 3 years or for complete term of next 5 years. c) Will it be in compliance if we appoint for every 1 year as per the erstwhile act of 1956. d) Is it possible to leverage of sec 139(2) wherein three years have given for compliance as it states appointment includes re-appointment? We look forward to your valuable inputs on the above.

Auditors

Posted By: Tci chemicals india pvt ltd 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Answer to point (a) - yes it is mandatory to appoint auditor for 5 years Answer to (b) – You have to appoint auditor for next 5 years as you are not required to rotate them. Answer to (c) – No, it is not possible company need to comply with the provisions of Companies Act, 2013 Answer to (d) – the transition period is provided to comply with the provisions of rotation of auditors and you are not covered in that

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