RBI has decided to harmonize norms for appointment of auditors of various entities in the financial sector, such as Private Banks, NBFCs, UCBs, and HFCs. In this regard, RBI has issued certain guidelines for Appointment of Statutory Central Auditors/Statutory Auditors for joint audit as a concept, and this decision is backed by the Institute of Chartered Accountants of India. The ICAI stated that it would ensure independent transparency in the selection of auditors, that will enhance audit quality.
