Application for Assignment of Concurrent Audit for CA Firm in Punjab & Sind Bank.
The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner. The firms should preferably be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment.
The tenure of the concurrent audit would be initially for one year and would be extended for a further period of TWO years (overall THREE years) after which auditor could be shifted to another business unit subject to satisfactory performance.
However, after having conducted concurrent audit for THREE years continuously, the concerned CCA will be given one year break (cooling period), before reappointing them or their associate concern(s).