Category

No. of CAs exclusively associated with the firm (full-time)

No. of partners exclusively associated with the firm (full time) (Out of 2)

Professional staff

Bank audit experience

Standing of the audit firm

(1)

(2)

(3)

(4)

(5)

(6)

I.

5

3

8

The firm or at least one of the partners should have a minimum of 8 years experience of branch audit of a nationalized bank and/or of a private sector bank with deposits of not less than Rs.500 crore.

8 years

II.

3

2

6

The firm or at least one of the partners should have preferably conducted branch audit of nationalized bank or of a private sector bank with deposits not less than Rs.500 crore for at least 5 years.

6 years (for the firm or at least one partner)

III.

2

1

4

The firm or at least one of the CAs should have preferably conducted branch audit of a nationalized bank or of a private sector bank with deposits not less than Rs.500 crore for at least 3 years.

5 years (for the firm or at least one partner)

IV.

2                                               2

Even proprietorship concern without bank audit experience may be considered as hitherto. (The proprietary concerns of Chartered Accountants with 1 paid CA, 2 professional staff and not having any statutory branch audit experience of a nationalized bank or of a private sector bank with deposits not less than Rs.500 crore will be treated at par with the partnership firm after deducting their 3 years seniority from the date of their establishment).

2

Not necessary

3 years