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Rotation Of Auditors: Chartered Accountancy Body ICAI Withdraws Announcement After Government Directive
ICAI Building (Facebook)
The apex body of Chartered Accountants - Institute of Chartered Accountants of India (ICAI) - withdrew an announcement regarding the applicability of rotation of auditors at companies after the government issued a directive. In an odd instance, the Ministry of Corporate Affairs told the ICAI to “immediately withdraw” the announcement and also provide reasons for making such an announcement, according to the letter.
On 29 January, the ICAI issued a clarification on the applicability of rotation of auditors under the Companies Act, 2013. Under this Act, a specific class of companies are required to rotate their auditors, and there is also a cooling off period which the auditors have to follow.
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