“This implies that for situations where an individual auditor, or the audit firm, are due to complete the maximum term In office of five years and 10 years, respectively, (they) will have to (be) rotated out at the end of the 3-year transitional period starting from 1 April,” Yogesh Sharma, partner, assurance at Grant Thornton India LIP, said In an emailed statement.

The article appeared in Mint dated 01 April 2014.

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