BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Legal Aspects of Business The Companies Act, 2013
If an audit firm completes two terms of five consecutive years each, what must the company ensure as per Section 139?
1
Appoint the same audit firm for another term with Central Government approval.
2
Appoint a new individual auditor for a five-year term.
3
Appoint a new audit firm immediately after the mandatory cooling-off period.
4
Conduct a special resolution to extend the current firm's term.
5
Switch to an internal audit system.