Multiple Choice Questions on M s Shanti Ltd a listed company desires to appoint Mr Shan as an auditor of the company For how many........... for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

M s Shanti Ltd a listed company desires to appoint Mr Shan as an auditor of the company For how many...........

Companies Act-Phase (I & II) Audit and auditors
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    M/s Shanti Ltd., a listed company, desires to appoint Mr. Shan as an auditor of the company. For how many years company shall appoint Mr. Shan as an auditor of the company?

    1 Year

    Incorrect Answer

    5 Years

    Correct Answer

    10 Years   

    Incorrect Answer

    Any number of years without any restriction

    Incorrect Answer
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    Explanation:
    As per section 139 (2) and the Companies (Audit and Auditor) Rules, 2014
    Following companies can not appoint an individual as auditor for more than one term of Five consecutive years and an audit firm as auditor for more than 2 terms of 5 consecutive years(i.e. for 10 years) 
    a) Listed Compnies
    b) all Unlisted public company having paid up share capital of rupees 10 crore or more
    c) all private limited companies having paid up share capital of rupees 50 crore or more
    d) all companies having public borrowings from Financial institutions, banks or public deposit of rupees 50 cores or more

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