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Only 18% of India Inc ready for auditor rotation, says survey

Others yet to finalise plans but most view auditor change as a step in the right direction

Deepak Patel  |  New Delhi 

Only 18 per cent of Indian firms are ready for auditor rotation — made compulsory under the Companies Act, 2013 — said a recent survey conducted by Grant Thornton India in association with Prime Database.

According to Section 139 of the new Companies Act, every Indian company having a paid-up capital of Rs 20 crore or more that has kept the same audit firm for more than 10 years would need to change the auditor by the end of 2016-17. The provision on auditor rotation came into force on April 1, 2014, with the law giving such companies three years to change ...

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First Published: Wed, July 20 2016. 00:40 IST
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