Auditor appointment rules updated to impose term limits, eligibility and reporting obligations for corporate auditors.

The amendments create a detailed audit regime: mandatory appointment of auditors for fixed terms with prescribed selection and eligibility paralleling company auditor standards; restrictions on consecutive terms and related firm appointments; member-enabled rotation and multi-auditor options; Board filling of casual vacancies with member approval where resignation occurs; Audit Committee recommendations required for appointments; and Board-appointed interim auditors before the first AGM with Central Government approval. Auditors receive broad access and specified inquiry duties, must include prescribed matters in their reports and disclose qualifications in general meeting. Internal auditor appointment and oversight by the Audit Committee are mandated, and the Central Government may appoint a special auditor with equivalent powers.

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