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K.R. Srivats

New Delhi , Feb. 8

CHARTERED accountancy firms that have partners in part-time practice can apply for bank branch auditor empanelment for the year 2005-06, the Institute of Chartered Accountants of India (ICAI) has clarified.

The one stipulation, however, is that such part-time partners would not get any weightage for the purpose of work allocation by the Reserve Bank of India, a central council member of ICAI told Business Line.

This stance of the institute, which regulates the chartered accountancy profession, is expected to clear doubts as to whether CA firms can apply for bank branch auditor empanelment if some of their partners are in part-time practice (i.e. holding certificate of practice and also engaged in any other business and/or occupation).

The doubts had come about on account of ICAI's Central Council decision of March 2004 at Jaipur that, effective April 1, 2005, no member in part-time practice would be entitled to perform the attest function.

Meanwhile, work has begun towards empanelment of chartered accountant firms for the Comptroller and Auditor General of India (CAG) audits for the year 2005-06 and 2006-07. The CAG office has invited applications and also stipulated that only applications made online would be accepted.

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ICAI clarifies on bank auditor empanelment

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