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Jul 17, 2020 · Article explains Manner of Rotation of Statutory Auditors under Companies (Audit and Auditors) Rules, 2014 read with Section 139 of Companies Act, 2013.
Rotation of Auditor: The mandatory rotation of the statutory auditors has been provided under Section 139(2) of Companies Act, 2013 which provides that no listed company or the company belonging to such class or classes of companies as may be prescribed shall appoint or reappoint:
May 2, 2020 · With certain amendments, the new Companies Act makes it mandatory for a certain class of companies to appoint auditors for limited tenure after the implementation of the majority of provisions of Companies Act, 2013 coming into force w.e.f. 01st April 2014. 1.
Apr 5, 2014 · Making it mandatory for audit firms to rotate is one of the measures of improving the independence, objectivity and professional skepticism of auditors. The rotation of auditors had been now mandatory not just for listed companies but for all companies, including private companies covered in class of companies mentioned in Rule 5 of Companies ...
3 days ago · Manner of rotation of auditors by the companies on expiry of their term— (1) The Audit Committee shall recommend to the Board, the name of an individual auditor or of an audit firm who may replace the incumbent auditor on expiry of the term of such incumbent.
Apr 23, 2020 · Rotation of Auditor. Section 139 (2) of the Companies Act says about the term of Auditors for appointment or reappointment for certain classes of companies which are given hereunder. 1. an individual as auditor for more than one term of five consecutive years; and. 2. an audit firm as auditor for more than two terms of five consecutive years.
Rule 6 of the Companies (Audit and Auditors) Rules, 2014 prescribes the following manner of Rotation of Auditors by the Companies: 1. The Audit Committee shall recommend to the Board, the name of an individual Auditor or of an Audit Firm who may replace the incumbent Auditor on expiry of the term of such incumbent. 2.
5.1 Mandatory auditor rotation and joint auditors: The 2013 Act now mandates the rotation of auditors after the specified time period. The 2013 Act also includes an enabling provision for joint audits.
The Companies Act, 2013 is applicable from April 1, 2014 and the companies which are existing on or before the commencement of the Companies Act, 2013, have been given relaxation of 3 years to comply with requirement of auditor’s rotation, the provisions regarding auditor’s rotation would be effective from April 1, 2017.
Jan 16, 2015 · Therefore, beginning 1 April 2017, all companies who are required to rotate their auditors under the Act, will have to rotate their existing auditors (Current Firm), if the Current Firm has held office as such company's auditor for a period of 10 years or more.
