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Our Bureau

Mumbai , March 1

THE Reserve Bank of India has decided to defer the implementation of the revised empanelment and categorisation norms for audit firms to be considered as statutory central or branch auditors of 27 public sector banks, for a period of one year.

Acceding to requests from the Institute of Chartered Accountants of India, New Delhi, the new norms will now come into force with effect from 2005-2006 instead of 2004-2005 as planned earlier, said a press release.

Similarly, the decision to prepare a panel of statutory branch auditors for 27 public sector banks once in two years effective 2004-2005 has also been deferred for a period of one year.

Accordingly, the statutory branch auditors' panel that would be prepared for 2004-2005 would remain in force for that year only and from 2005-2006 and onwards, such panel would be prepared once in two years, the release said.

More Stories on : Auditing | RBI & Other Central Banks

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