In a notification released on Tuesday, RBI said that banks and NBFCs cannot continue with the same auditor beyond three years down from four years earlier and lower than the five years permitted by the companies act. Moreover, an audit firm has to compulsorily have a cooling off period of six after auditing a bank for one tenure, which means banks will have to hunt for a new auditor every three years.from Economy-News-Economic Times https://ift.tt/3eIriaE
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