By The Reserve Bank of India on Tuesday issued guidelines for appointment of statutory auditors of banks and non-banking finance companies (NBFCs), including housing finance companies.
‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)’ will be applicable for financial year 2021-22 and onwards.
However, non-deposit taking NBFCs with asset size below Rs 1,000 crore have the option to continue with their extant procedure.
The guidelines provide necessary instructions for appointment of SCAs/SAs, the number of auditors, their eligibility criteria, tenure and rotation, etc. while ensuring the independence of auditors, the Reserve Bank said.
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