Page 129 - Quick Insights Book 2022

Ann. 2.2 – Norms on eligibility, empanelment and appointment of Statutory Branch Auditors in Public Sector Banks ...

Category No. of CAs No. of partners Professional Bank audit experience Standing
exclusively exclusively staff* of the audit
associated* with associated*with firm*
the firm (Full time) the firm (full time)
(Out of 2)
(1) (2) (3) (4) (5) (6)
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
nationalised bank or of a private sector
bank will be treated at par with the
partnership firm after deducting their 3
years seniority from the date of their
establishment).
* The definition of ‘exclusive association’, ‘professional staff’, and ‘standing of the audit firm’ will be the same as defined in the
norms for empanelment of Statutory Central Auditors of Public Sector Banks.

116 Quick Insights on Professional Opportunities for Chartered Accountants