A full time partner does not include a person who is:
(1) A partner in other firms.
(2) Employed full time/part time elsewhere, practicing in own name or engaged in practice otherwise or engaged in other activity which would be deemed to be in practice under Section 2 (2) of the Chartered Accountants Act, 1949.
- Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16)
| Category | No. of CAs exclusively associated with the firm (Full time) |
No. of partners exclusively associated with the firm (full time) (Out of 2) |
Professional staff |
Bank audit experience | Standing of the audit firm |
| (1) | (2) | (3) | (4) | (5) | (6) |
| I. | 5 | 3 | 8 | The firm or at least one of the partners should have a minimum of 8 years experience of branch audit of a nationalised bank and/ or of a private sector bank. | 8 years |
| II. | 3 | 2 | 6 | The firm or at least one of the partners should have preferably conducted branch audit of a nationalised bank or of a private sector bank for at least 5 years. | 6 years (for the firm or at least one partner) |
| III. | 2 | 1 | 4 | The firm or at least one of the CAs should have preferably conducted branch audit of a nationalised bank or of a private sector bank for at least 3 years | 5 years (for the firm or at least one partner) |
| IV. | 2 | 2 | 2 | Not necessary | 3 years |
| Even proprietorship concern without bank audit experience may be considered as hitherto. (The proprietary concerns of Chartered Accountants with 1 paid CA, 2 professional staff and not having any statutory branch audit experience of a nationalised bank or of a private sector bank will be treated at par with the partnership firm after deducting their 3 years seniority from the date of their establish |
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