Rotation of auditors: incoming auditors must be recommended by committee or board and not belong to the same audit network. The Audit Committee must recommend to the Board an individual auditor or audit firm to replace the incumbent on expiry of term; where no committee exists the Board shall itself consider rotation and recommend appointment to members at the AGM. Prior years before commencement count toward consecutive years limits. Incoming auditors are ineligible if associated with the outgoing auditor under the same network; a continuous five year break fulfils rotation and a partner moving firms renders the new firm ineligible for five years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rotation of auditors: incoming auditors must be recommended by committee or board and not belong to the same audit network.
The Audit Committee must recommend to the Board an individual auditor or audit firm to replace the incumbent on expiry of term; where no committee exists the Board shall itself consider rotation and recommend appointment to members at the AGM. Prior years before commencement count toward consecutive years limits. Incoming auditors are ineligible if associated with the outgoing auditor under the same network; a continuous five year break fulfils rotation and a partner moving firms renders the new firm ineligible for five years.
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