Auditors rotation applicability for private companies

An audit firm as auditor for more than two terms of five consecutive years

Therefore rotation of auditor is applicable to all listed companies and such other classes of companies as may be prescribed

The list of “such other class of Companies” is provided in Rule 5 of Companies (Audit and Auditors) Rules, 2014

Thus, other provisions of section 139 (2) of the Act and the Rules remaining the same, the amendment rules have increased the threshold for the applicability of rotation of auditors based on the paid-up share capital of private companies from Rs