Auditor appointment and tenure: rotation, cooling off and vacancy procedures govern selection and reappointment practices. Every company must appoint an auditor at its first annual general meeting to serve until the sixth annual general meeting and thereafter for successive six year cycles, subject to prescribed selection procedures, written consent and eligibility certification. Listed and prescribed companies face tenure limits for individuals and firms with cooling off and related firm prohibitions; member resolutions may mandate partner rotation or multi auditor audits. The Comptroller and Auditor General appoints auditors for Government controlled companies with prescribed fallback appointment steps; boards appoint first auditors for other companies, and casual vacancies are filled by the board or the Comptroller and Auditor General as applicable, with Audit Committee recommendations to be considered.
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Auditor appointment and tenure: rotation, cooling off and vacancy procedures govern selection and reappointment practices.
Every company must appoint an auditor at its first annual general meeting to serve until the sixth annual general meeting and thereafter for successive six year cycles, subject to prescribed selection procedures, written consent and eligibility certification. Listed and prescribed companies face tenure limits for individuals and firms with cooling off and related firm prohibitions; member resolutions may mandate partner rotation or multi auditor audits. The Comptroller and Auditor General appoints auditors for Government controlled companies with prescribed fallback appointment steps; boards appoint first auditors for other companies, and casual vacancies are filled by the board or the Comptroller and Auditor General as applicable, with Audit Committee recommendations to be considered.
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