Which of the following best describes the rotation of auditors provision under Chapter X of the Companies Act, 2013?
1
The same auditor can be reappointed for an indefinite period as long as the shareholders approve.
2
The individual auditor cannot be appointed for more than two consecutive terms of five years each.
3
The audit firm cannot be appointed for more than three consecutive terms of five years each.
4
After completing their term, the individual auditor or audit firm must wait for at least five years before being eligible for reappointment in the same company.
5
The rotation provision applies only to government companies.