Question ID :
44840
Bank Audit Eligibility
I have 6 years of experience in practice as a Chartered Accountant under a proprietorship concern. I am exclusively associated with my firm. A fellow CA, who is also exclusively associated, has 3 years of experience. We are not in a partnership—my firm is still registered as a proprietorship concern.
As per the eligibility norms for empanelment of audit firms , under **Category IV**, it appears that a proprietorship concern can be eligible for bank audits with **2 CAs exclusively associated** with the firm, without needing to convert to a partnership firm.
Can someone please clarify:
- How can a proprietorship concern have 2 CAs exclusively associated, as required under Category IV?
- Is it acceptable under ICAI/empanelment rules for a second full-time CA to be employed or associated in a proprietorship concern without converting into a partnership firm?
- If the answer is to appoint as an employee, then can my friend continue with his Propeitorship Concer?
Your insights would be appreciated!
posted by
JAY KUMAR KUMRANI
on
Apr 14 2025 12:00AM