MEF: Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16) onwards

MEF: Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16) onwards

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.

  1. Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16)
CategoryNo. 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 experienceStanding of the audit firm
(1)(2)(3)(4)(5)(6)
I.538The 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.326The 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.214The 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 years5 years
(for the firm or at least one partner)
IV.222Not necessary3 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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