TMI BlogManner of rotation of auditors by the companies on expiry of their term.X X X X Extracts X X X X X X X X Extracts X X X X ..... replace the incumbent auditor on expiry of the term of such incumbent. (2) Where a company is required to constitute an Audit Committee, the Board shall consider the recommendation of such committee, and in other cases, the Board shall itself consider the matter of rotation of auditors and make its recommendation for appointment of the next auditor by the members in annual general meeting. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors,- (a) a break in the term for a continuous period of five years shall be considered as fulfilling the requirement of rotation; (b) if a partner, who is in charge of an audit firm and also certifies the financial statements of the company, retires from the said firm and joins another firm of chartered accountants, such other firm shall also be ineligible to be appointed for a period of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 3 years 3 years 6 years 2 years 3 years 5 years 1 year 4 years 5 years Note: 1. Individual auditor shall include other individuals or firms whose name or trade mark or brand is used by such individual, if any. 2. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e than 10 years) 3 years 13 years or more 9 years 3 years 12 years 8 years 3 years 11 years 7 years 3 years 10 years 6 years 4 years 10 years ..... X X X X Extracts X X X X X X X X Extracts X X X X
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