Cost accountant now eligible to do Internal Audit of Credit Rating Agencies.

Cost accountant included in the list of eligible internal auditor of Credit Rating Agencies.

SEBI has included the Cost Accountant as eligible for internal audit of credit rating agencies.

It is known that Institute of Cost Accountants of India (ICMAI) is actively representing to the Government/other autonomous bodies for the inclusion of a Cost Accountants for audit purposes under various Statutes.

Para 33.1.3 of the Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024 issued by SEBI, in respect of requirements related to Internal Audit of CRAs, specified that the audit team must be composed of, at least, a Chartered Accountant (ACA/ FCA) and a Certified Information Systems Auditor/ Diploma in Information Systems Auditor (CISA/ DISA) from ICAI.

SEBI has issued Circular dated 14.05.2025. It states that in order to provide CRAs with a larger pool of eligible professionals with the relevant experience/qualifications for conducting the internal audit,  it has been decided to include Cost Accountant (ACMA/ FCMA) and Diploma in Information System Security Audit (DISSA) qualifications from the Institute of Cost Accounts of India (ICMAI) to the audit team. Accordingly, the Master Circular for CRAs now stands modified.

The circular shall be applicable with immediate effect.

Download SEBI Circular SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/68 >>

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