Auditor rotation applicability: professional body asked to withdraw an unauthorized clarification and explain its issuance under Companies Act governance. The Ministry of Corporate Affairs states that clarifications on the applicability of rotation principles under the Companies Act are within the Ministry's competence; a professional accounting body issued an unauthorized announcement about when a company ceases to fall under those rotation principles. The Ministry requests immediate withdrawal of the announcement and an explanation for issuing it without prior consultation or approval.
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Auditor rotation applicability: professional body asked to withdraw an unauthorized clarification and explain its issuance under Companies Act governance.
The Ministry of Corporate Affairs states that clarifications on the applicability of rotation principles under the Companies Act are within the Ministry's competence; a professional accounting body issued an unauthorized announcement about when a company ceases to fall under those rotation principles. The Ministry requests immediate withdrawal of the announcement and an explanation for issuing it without prior consultation or approval.
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