Auditor has a term upto 5 AGMs. Eg : If he is appointed in 2011-12 FY AGM and he will continue for 5 AGMs. Suppose in FY 2016-17, 2017-18 and 2018-19 no AGM is conducted. As per the act auditor will conduct audit only till FY 2016-17..so since no AGM has been conducted he will continue then what audit will he do for the period 2017-18 and 2018-19 as he would have completed his audit of 2016-17.
He will continue to hold office of auditor in 16-17 / 17-18 / 18-19 till AGM is conducted. Now backlog of AGMs will be cleared one by one first AGM of 16-17 say at 11 AM and then 17-18 at 11:30AM and for 18-19 at 12:00PM.
He will do audit of 16-17 as it is covered in 5 AGMs of his appointment, he will do for 17-18 / 18-19 also if he is reappointed. if re-appointment doesn’t happen then some one else will be appointed he will be given reasonable time and then next AGM will happen.
Continuing to hold office and doing audit for the time period are 2 different things.