Chapter X of the Companies Act, 2013 deals with the audit and auditors. Which of the following statements is correct regarding the rotation of auditors?
1
An individual auditor cannot be appointed for more than one term of 5 consecutive years.
2
An audit firm cannot be appointed for more than two terms of 3 consecutive years each.
3
The cooling-off period for an individual auditor after completing one term is 3 years.
4
The rotation requirement does not apply to private companies.
5
The cooling-off period for an audit firm after completing two terms is 2 years.