Statutory audit of public sector and private/foreign banks simultaneously

In terms of the existing guidelines, an audit firm can take up statutory central audit of one PSB, four private sector banks and four foreign banks simultaneously each year. The policy has been reviewed and it has been decided that an audit firm which takes up statutory central audit assignment in private and foreign banks will not qualify to take up statutory audit in public sector banks during that particular year. The revised guidelines will come into effect from the year 2012-13.

Source- ICAI