Finshots Daily - The New Rules on Auditing

Banks can no longer fire auditors during their tenure or without prior approval from the RBI. One audit firm can concurrently engage with a maximum of four commercial banks, eight urban cooperative banks, eight NBFCs in any given year. The hope is that this new restriction will allow them to focus on quality above all else. Number of auditors a company can hire will now be tied to the asset size of the firm.