Thursday, June 24, 2021

RBI asks banks, NBFCs to appointment statutory auditors

In order to improve efficiency of cooperative banks and NBFC, Reserve bank of India has asked them to appoint statutory auditors.  RBI has published detailed guidelines for the same. These guidelines will be applicable to the Commercial Banks excluding Regional Rural Banks, Urban Cooperative banks, Non Banking Finance Companies including Housing Finance Companies. These will be applicable from the current financial year. For the first time such guidelines have been issued for Urban cooperative banks, Non-Banking Finance companies. They have been given flexibilities to adopt these guidelines by the second half of this financial year in order to ensure their uninterrupted working. Entities with asset size of ₹15,000 crore will have to conduct joint audit by a minimum of two audit firms. These statutory auditors have to be appointed minimum for the period of 3 years. After that, the audit firm would not be eligible for reappointment in the same Entity for next six years. RBI says, these guidelines are expected to improve the quality of financial reporting and also improve the audit quality in these financial institutions.

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