Question ID :
41031
RBI GUIDELINES ON STATUTORY AUDITORS APPOINTMENT
ON 27-04-2021 RECENTLY RBI ISSUED GUIDELINES FOR APPOINTMENT OF STATUTORY AUDITORS FOR BANKS.
01. ACCORDING TO THIS WHETHER INDIVIDUAL SOLE PROPRIETOR PRACTICING FIRMS WILL NOT BE ENTITLED FOR BANK AUDITS?
02. PLEASE LET ME KNOW HOW MANY YEARS OF EXPERIENCE OF INDIVIDUAL AUDIT FIRM IS REQUIRED TO GET STATUTORY BANK AUDIT?
Posted by
Sachin
on
Apr 28, 2021
Filed Under
MISC.
Yes, the sole proprietorship firm is eligible to get the bank audits but certainly tougher to get appointed. At least five years and if you have DISA qualification then there be a chance to get appointed.
Posted by
CA. JHA SHANKAR KUMAR on
May 13, 2021
Answer ID :
81144
Understand the query is related to Branch Statutory Audit but not Central Statutory Audit.
1. It is not correct that Sole Proprietary Concerns are not eligible for Branch Statutory Auditors. They are eligible. However, along with Proprietor CA, one paid CA and two professional staff is mandatory. Please note the Proprietary concern need not have any experience in Bank Audit, but three years standing in practice is mandatory.
2. As mentioned above, you don't need to possess any experience in Bank Audit.
The above is as per RBI Norms on eligibility etc for appointment of Branch Statutory Auditors. You can download the Circular form RBI Site.
Posted by
Rupakula Rajasekhar on
May 31, 2021