Question ID : 21576

ROTATION OF AUDITOR

FACT:
I WAS APPOINTED AS STATUTORY AUDITOR IN PROPRIETORY CONCERN OF A LISTED COMPANY IN THE FY 2018, FOR 3 YEARS , MAY 2020 THE PROPRIETORY CONCERN WAS CONVERTED INTO PARTNERSHIP FIRM AND FRN OF BOTH FIRMS IS THE SAME, AND PARTNERSHIP FIRM WAS AGAIN APPOINTED AS STATUTORY AUDITOR IN FY 2021 FOR 5 YEARS, APPOINTMENT OF THE PARTNERSHIP FIRM IS TILL 2026.

QUESTION:
1. CAN PARTNERSHIP FIRM BE REAPPOINTED AS STATUTORY AUDITOR FOR 2 ND TERM OF 5 YEARS OR NOT,
2. IF NOT, CAN THE PARTNERSHIP FIRM BE APPOINTED FOR THE BALANCE TERM OF 2 YEARS? OR
3. AUDITOR IS LIABLE TO RETIRE BY ROTATION.

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