Norms on eligibility, empanelment and selection of Statutory Central Auditors
in Public Sector Banks from the year 2018-19 and onwards
i) The audit firm shall have a minimum of 7 full time chartered accountants, of which
at least 5 should be full time partners exclusively associated* with the firm. Of these
five full time exclusively associated* partners, one each should have minimum
continuous association with the firm at least for 15 years and 10 years, two with a
minimum continuous association of 5 years each and one with a minimum
continuous association of one year. The remaining two could be either exclusively
associated* partners or CA employees. There should be at least one year
continuous association for both exclusive partners and CA employees. Four of the
partners should be FCAs. Also, at least two of the partners should have minimum 15
and 10 years experience in practice. (In case the paid Chartered Accountant
available with the firm without any break was admitted as a partner of the said firm at
a future date, his association with the firm as a partner will be counted from the date
of his joining the firm as a paid Chartered Accountant.)
Read more...............
http://cavinaymittal.com/Image/Norms on eligibility, empanelment and selection of Statutory Central Auditors.PDF