QuestionsCategory: Co.Audit - IIRotation of auditor u/s 139(2)
Yash Agarwal asked 3 years ago

Not able to understand the Key point no.4 (Bengaluru).
Does it mean that if their is break in period of 5yrs , rotation will be applicable?

1 Answers
RaviRavi Staff answered 3 years ago

we have seen in key point 0
if there is break in term because of any reason we will assume that term is over and see whether rotation gets applicable, for individual ca it will be after one term for firm it will be after second term
now key point 4 (banglore)
if firm completes 1 term of 5 agms then takes break / gap of 1 year and then again 2nd term of 5 agms then it will not be consecutive two terms of 5 agms, rotation can be avoided by this trick so rule says, we will not count gap as gap unless it is 5 years or more