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If it’s a individual auditor then 1 term of 5 years he can do audit after that he has to take break for 5 years
If it’s a firm doing audit then 2 terms of 5 years they can do audit and they have to take a break
In case of govt co.
CAG WITHIN 60 DAY
IF CAG FAILS BOD WITHIN 30 DAY
IF BOD FAILS THEN INTIMATE TO SHAREHOLDER WITHIN 60 DAYS
Other company mein bod within 30 day from incorp.
If it fails intimate shareholder then they will do within 90 days
Exception of doctrine of indoor management
Knowledge of irregularities
Negligence
Forgery
‼️ Doctrine of Indoor Management protect external member from company
And the doctrine of constructive notice protects the company against outsider
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