How to look the break and the gap with in the consecutive period of 5 years and between two consecutive terms

Questions › Category: Co. Audit - I › How to look the break and the gap with in the consecutive period of 5 years and between two consecutive terms

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Bijay Babu Banstola asked 6 years ago

ABC & Co has audited X Ltd for 3 continuous yrs & resign. After 1 yr break ABC & Co again appointed as auditor, Will this appointment considered as 2nd consecutive term or 1st term with 4 consecutive years? & Will ABC & Co. be eligible for 3rd tenure after completion of 5 yrs of 2nd term? Please Explain.

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Ravi Staff answered 6 years ago

We generally solve queries in 24 hours but, sir was not well so could not solve queries of past few days, but it is expected that today onwards sir will be solving all queries in due time.

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Ravi Staff answered 6 years ago

as soon as break occurs because of any reason, it will be assumed that that term is over. next appointment will be considered as 2nd term. if gap between these 2 terms is not more than 5 years it will be counted as consecutive terms, then 3rd term will not be available , if gap is more than 5 years then 2nd term will not be consecutive and then 3rd term will be available.