Under section 139(2) of the Companies Act, 2013, the maximum term for which an individual auditor may be appointed, and the cooling-off period before re-appointment in the same company, are respectively:

Section 139(2) of the Companies Act, 2013 mandates rotation of auditors: no listed company or company of a prescribed class shall appoint or reappoint an individual as auditor for more than one term of five consecutive years, while an audit firm may be appointed for not more than two terms of five consecutive years. An individual auditor who has completed his term is not eligible for reappointment in the same company for five years from its completion, and an audit firm is likewise barred for five years after its second term. The rule preserves auditor independence by preventing an auditor from serving the same management indefinitely. Options suggesting ten consecutive years for an individual, a three-year cooling-off, or no cooling-off period misstate the statutory scheme.