Discuss the concept of 'rotation of auditors' of a company as per provisions of the Companies Act, 2013. Is the concept also applicable to secretarial auditor?

In terms of Section 139(2) read with rule 5 of the Companies (Audit and Auditors) Rules, 2014, the provisions of rotation of auditors is applicable to - listed companies; All unlisted public companies having paid up share capital of ₹10 crores or more; All private limited companies having paid up share capital of ₹20 crores or more; All companies having paid up share capital of below threshold limit specified in (i) and (ii) above; but having public borrowings from banks, financial institutions or public deposits of ₹50 crores or more. The concept of rotation of auditors shall not apply to one person companies and small companies. No individual shall be appointed or reappointed as auditor for more than one term of 5 consecutive years and an individual auditor who has completed five consecutive years shall not be eligible for re-appointment as auditor in the same company for 5 years from the date of completion of the first term of five years. No audit firm shall be appointed or re-appointed as auditor for more than two terms of 5 consecutive years and the audit firm which has completed its two terms of five consecutive years, shall not be eligible for re-appointment as auditor in the same company for 5 years from the completion of such terms. Firm shall include a limited liability partnership. The concept of rotation of auditors is applicable only in case of statutory auditor and not in case of secretarial auditor.