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Audit of Listed Company

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3438 Points)

23 April 2009

Hi,

I just wanna know that who is eligible for Audit of company listed on Stock Exchanges.

What is the eligibility critirea.

Thanks

Praveen

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10 Replies

chintan mehta (Chartered Accountant) (445 Points)
Replied 23 April 2009

there is no eligibility criteria for a public company.. its the board who decides which firm he wants to appoints.

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3438 Points)
Replied 23 April 2009

Thanks for reply dear,

but recently 1-2 days back i came to know that there are some guidelines etc issued by ICAI etc. that only those firm can audit a listed company whose audit is done by ICAI etc.

Please search for that this is what i came to know.

Pls reply

Thanks

Praveen

Vrnanda (auditor) (110 Points)
Replied 23 April 2009

Hai praveen, AsMr.chethan said there were no conditions for being appointed as auditorsfor listed companies. Recently our institute came with the thought that only peer reviewed would be appointed as statutory auditors. We need to check up whether same is mandatory and if so from when.

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3438 Points)
Replied 23 April 2009

Thanks Vrnanda ,

Thats what i came to know. you are requested to please search it out that this is mandatory or not. or guide me from where i can confirm this thing.

Thanks & Best Regards

Praveen

Vrnanda (auditor) (110 Points)
Replied 23 April 2009

It is applicable with immediate effect for the accounting period starting on or after April 01, 2009. From the abvoe said period, only firms which were issued peer review certificates from the Peer Review Board of the Institute of Chartered Accountants of India, can audit the listed companies.

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Sajid Rahman (C.A. Final) (71 Points)
Replied 24 April 2009

If a firm was not peer reviewed earlier, it can apply to the peer peer review board to get it peer reviewed in order to become eligible for auditing a listed Co.

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3438 Points)
Replied 24 April 2009

Dear All,

Thanks for your kind replies.

Can someone tell me is there any "SARKAARI" notification guidelines rules etc. from where i can cross check this.

Thanks in advance

Praveen

Anuraag Sharma (Sr Executive Finance) (845 Points)
Replied 25 April 2009

only peer reviwed firms to audit listed companies....

https://www.icai.org/news.html?news=2876

1 Like

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3438 Points)
Replied 27 April 2009

Thanks for link Anuraag

Thanks alot

Meet Joshi (Company Secretary) (275 Points)
Replied 26 June 2012

Sir,

Please let me know whether the Suspended Company from ther Stock Exchange is required to be audited by the firm which are peer reviewed? As the shares are not traded in the exchange, can they get audit their accounts by non peer-reviewed firm?