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 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

Not to have panel of auditors
April, 24th 2009

Refraining from directly appointing statutory auditors, insurance regulator Irda has retained the practice of prescribing eligibility criteria for appointment of auditors by insurers.

Irda would not have a panel of auditors and would not appoint auditors, as demanded by accounting regulator ICAI.

The regulator has not been maintaining panel of auditors since 2005 and instead prescribing the requirements for their appointment by insurers.

In the backdrop of inflated balance sheet of Satyam Computer, chartered accountant body ICAI had pitched for the appointment of statutory auditors for insurance firms by Irda.

In a circular, Irda asked insurers to ensure that statutory auditors appointed by them should meet the criteria like existence of such a firm for at least 15 years.

...All insurers while appointing/reappointing the statutory auditors must ensure compliance with stipulations..., the circular stated.

Stipulations provide that auditor appointed by an insurance company will have to be from a firm which has been in existence for a period of 15 years

These stipulations also said the firm should have a minimum of five partners of whom at least two should have been in practice for a minimum period of 10 years. Also, at least two other partnership have in continuous practice for a minimum period of five years.

Alternatively, firm could have at least seven CAs and at least two partners have to be in continuous practice as partners for a minimum period of 10 years. Also at least three CAs have to be in continuous practice for a minimum period of five years.

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