Companies Act, 1973 (Act No. 61 of 1973)

Chapter X: Auditors

Appointment

274A. Rotation of auditors
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1)The same individual may not serve as the auditor or designated auditor of a widely held company for more than five consecutive financial years.

 

2)Where an individual has served as the auditor or designated auditor of a widely held company for two or more consecutive financial years and then ceases to be the auditor or designated auditor, the individual may not be appointed again as the auditor or designated auditor of that company until after the expiry of at least two further financial years.