Question

Who all can be appointed as auditors of Company?

• A. Individual
• B. Audit Firm
• C. Limited Liability Partnership
• D. All of the above

Answer 1

The correct option is D All of the above

Under Section 139, the companies listed and Rule 5 of the companies (audit and auditor) rules, 2014, will not:

1. Appoint an individual as auditor for more than one consecutive five year tenure;

2. An auditing firm for more than two terms of five consecutive years Provided, the auditor who has finished his term will not be eligible for reappointment in the same company or the auditing firm who has completed a two year tenure is not eligible for appointment in the same company for five years.

For the purposes of this Chapter, the word ―firm shall include a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008