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« 2 Openings - Articleship Training for Chartered Accountant... | Required - Associate, Audit - Ved Jain & Associates ... » |
Revised norms for categorization of audit firms for their empanelment as branch auditors |
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April, 26th 2011 |
Revised norms for categorization of audit firms for their empanelment as branch auditors for public sector banks and branch allocation to different categories of audit firms. |
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 nationalized bank and/or of a private sector bank with deposits of not less than Rs.500 crore. |
8 years |
II. |
3 |
2 |
6 |
The firm or at least one of the partners should have preferably conducted branch audit of nationalized bank or of a private sector bank with deposits not less than Rs.500 crore 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 nationalized bank or of a private sector bank with deposits not less than Rs.500 crore for at least 3 years. |
5 years (for the firm or at least one partner) |
IV. |
2 2
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 nationalized bank or of a private sector bank with deposits not less than Rs.500 crore will be treated at par with the partnership firm after deducting their 3 years seniority from the date of their establishment). |
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2 |
Not necessary |
3 years | |
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