Topic:Section 139 ?
AnonymousPosted on 8th January,2021 05:15 PM
If Mr X is an individual auditor and also a partner of XYZ and company Mr X is appointed as an auditor of ABC cmpany. After the expiry of prescribed term Mr X is resign from auditor of abc co. and as a partner of XYZ Company is YZ a firm eligible as an auditor of the same company before completion of cooling period.\r\n
Replies:-
Search
BMC Associates says Replied on 23rd May,2026 12:04 PM
No, XYZ & Company is not eligible to be appointed as auditor of the same company before completion of the cooling-off period because Mr. X, who acted as auditor of ABC Company, is also a partner in the same audit firm. Appointment of the firm during the cooling period would violate the principle of auditor rotation and independence under the Companies Act, 2013. This compliance issue is commonly handled by chartered accountant firms in Gurgaon, chartere
Leave a comment below!