During tenure as SCA/SA, an audit firm may be appointed as concurrent auditor of the same bank. Clarification regarding Guidelines issued by RBI for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (Excluding RRBs), UCBs and NBFCs (including HFCs)
The RBI has issued a Circular dated April 27, 2021, in respect of “Guidelines for the Appointment of SCAs and SAs of Commercial Banks (Excluding RRBs), UCBs, and NBFCs (including HFCs)”.
ICAI in its announcement dated 28.12.2023 has informed that it has received a communication from RBI wherein it is informed that the RBI and the banks have been receiving queries from the Chartered Accountants/Chartered Accountants firms seeking clarification as to whether concurrent audit assignments would also fall under the framework of point no. 6.4 while assessing and establishing the independence of auditors.
Point no 6.4 states as follows:
According to the ICAI, the RBI has clarified that the Concurrent audit assignments would also fall under the framework of above-mentioned Para 6.4 of Circular dated April 27, 2021.
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