RESPECTED SIR,
AS PER empanelment norms for appointment of statutory auditors of public sector banks select all India financial institutions and RBI, available at
https://www.icai.org/new_post.html?post_id=725&c_id=91.AS PER CATEGORY IV IT STATES THAT:
The proprietary concerns of Chartered Accountants with 1 paid CA, 2 professional staff and not having any statutory branch audit experience of a nationalized bank or of a private sector bank with deposits not less than Rs.500 crore will be treated at par with the partnership firm after deducting their 3 years seniority from the date of their establishment, (what does this means??)
DOES THIS MEAN THAT IF MY FIRM IS FORMED ON 20.08.2010, IT WON'T GET ANY BANK AUDIT WORK BEFORE AUG, 2016? PLEASE CLARIFY???
CAclubindia
