: (1) Auditors of the company shall be appointed by the general meeting in the case of public companies subject to paragraph-18 and in the case of private companies from among the auditors licensed to conduct audits in accordance with the prevailing law, and in the case of private companies as provided in the articles of association, regulations or unanimous agreement, and if not, by the general meeting. and his name should be sent to the office within fifteen days from the date of his appointment. But before the first annual general meeting, the board of directors will appoint an auditor.
(2) The auditor appointed in accordance with sub-section (1) shall remain in office only until the next annual general meeting.
(3) The same auditor, his partner or former partner or employee or former employee cannot be appointed auditor more than three times in a row to audit a public company. However, this restriction shall not apply to a partner who has separated from the partnership three years earlier or to an employee who has separated from the service of such auditor.