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Jan 3, 2015 · Section 139(2) of the Act prohibits the following categories of companies from appointing / re-appointing an audit firm for more than 2 terms of 5 consecutive years, i.e. 10 consecutive years ...
Apr 18, 2023 · The Companies Act, 2013 contains detailed provisions regarding the appointment of auditors. The Act also prescribed the qualifications, disqualifications, remuneration and functions of the auditors. Section 139 is an important provision which mandates the appointment of an auditor within 30 days of the registration of a company.
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Class of Companies to which section 139(2) applies Rule 5 of The Companies (Audit and Auditors) Rules, 2014 which have been notified w.e.f. 1 st April, 2014, specifies the class or clasess to which section 139(2) applies. For the purposes of sub-section (2) of section 139, apart from listed companies, the class of companies shall mean the ...
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. A. Section 139(2) and Rule 5 of the Companies (Audit and Auditors) Rules 2014– Maximum term for appointment of auditors. 1. In case of every listed company; 2.
Oct 2, 2014 · The Companies Act, 2013. Chapter-X Audit and Auditors. Section 139: Appointment of auditors. *139. (1) Subject to the provisions of this Chapter, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth ...
Sep 9, 2021 · Section 139(2) of the Act states that-“(2) No listed company or a company belonging to such class or classes of companies as may be prescribed, shall appoint or re-appoint– (a) an individual as auditor for more than one term of five consecutive years; and (b) an audit firm as auditor for more than two terms of five consecutive years ...
