RBI under pressure to relax new auditor norms
A cool-off period of one year before the appointment (of auditors) for their independence is not practical to implement, the chamber has said.
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By Express News Service
NEW DELHI: The banking and the non-banking fraternity is not in favour of the new Reserve Bank norms on hiring statutory auditors mid-way in the financial year as it could throw up enormous operational challenges. Industry bodies are up in arms against the central bank diktat, which in its current form, requires mid-term resignation of auditors already appointed for this year and replace them with new firms.