Page 131 - Quick Insights Book 2022

Ann. 3 – NABARD Norms

5 Standby Auditors the firm’s name shall be removed from the stand-
by list.
There will be a panel of 4 to 20 Audit firms as standby
Auditors for SBA, for each RRB, depending upon the 9. Deviation from Norms
number of branches.
Minor procedural deviations may be made by NABARD
S.No. No. of Branches No. of Standby Audit under extra-ordinary circumstances for smooth conduct
firms selected of Statutory Audit under intimation to GoI indicating
1. Upto 200 4 reasons thereof.
2. 201 to 400 8
3. 401 to 600 12 10. Monitoring by NABARD
4. 601 to 800 16 a) As soon as the auditor is appointed with the
5. More than 800 branches 20 (maximum) approval of the Board of RRB and work has
been started in RRBs, the RRBs shall intimate to
(Ref. Gol letter F.No.7/4/2015-RRB dated 18 May 2016). NABARD the names of Audit firms within I 5 days
Standby Audit firms will be accorded priority for allotment from the commencement of audit work.
as SBA.
b) After completion of the audit, RRBs shall intimate
6. Approval bv GoI to NABARD the performance of the audit firms, in
the prescribed fo1mat.
NABARD will recommend the list of Auditors to GOJ for
approval. 11. Other Procedure/ Norms

7. Refusal a) On receipt of the approval from GoI, NABARD shall
forward the approved list to the respective RRBs.
In case of any changes/refusal by the existing appointed
audit firm due to certain reasons considered satisfactory b) On receipt of list from NABARD, the RRBs will
by NABARD and ICAl, stand-by audit firm will be obtain the willingness from the audit films to
appointed by RRBs with the prior approval of the Board accept the assignment of Statutory Branch Audit
of RRBs under advice to NABARD. work valid for the period of 4 years. Seeking of
willingness of an audit firm will not constitute any
8. Complaint commitment to assign SBA work to the firm.

a) In case of any existing /continuing audit firm c) Audit firms appointed by the RRBs with the
against whom ICAI receives any complaint and approval of GOT may be debarred for a period of
ICAI suggests black listing such firm or keeping it 3 years, if the firm refuses to carry out assigned
in abeyance, an audit firm from the stand-by list work even after giving consent in writing, without
will be appointed by RRB. In case a new list of reasonable ground considered satisfactory by
audit firm(s) is required NABARD will forward the NA6ARD and !CAI.
list to RRB with prior approval of GOI. d) The list of audit firms who have given consent as
b) In case of any stand-by audit firm against whom stated above will be placed before the Board for
ICAI receives any complaint and ICAI suggests approval. In exigencies, Board approval may be
black listing such firm or keeping it in abeyance, obtained and audit firms may be asked for their
consent subsequently.

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