RBI has revised the Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of banks etc. The circular inter alia provides for the eligibility criteria for appointment.
As per the revised Guidelines, the eligibility Criteria for Appointment as SCA/SA is as under:
Asset Size of Entity as on 31st March of Previous Year |
Minimum No. of Full-Time partners (FTPs) associated with the firm for a period of at least three (3) years Note-1 |
Out of total FTPs, Minimum No. of FCA Partners associated with the firm for a period of at least three (3) years |
Minimum No. of Full Time Partners/ Paid CAs with CISA/ISA Qualification Note-2 |
Minimum No. of years of Audit Experience of the firm Note-3 | Minimum No. of Professional staff Note-4 |
Above ₹15,000 crore | 5 | 4 | 2 | 15 | 18 |
Above ₹ 1,000 crore and Up to ₹15,000 crore | 3 | 2 | 1 | 8 | 12 |
Up to ₹1,000 crore | 2 | 1 | 1 | 6 | 8 |
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