CA Inter P5 · Chapter 10 · Question 1 of 11
The statutory auditor of a banking company is appointed in accordance with:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Section 30 of the Banking Regulation Act, 1949, with the previous approval of the Reserve Bank of India
Explanation
Section 30 of the Banking Regulation Act, 1949 requires the balance sheet and profit and loss account of a banking company to be audited by a person duly qualified to be an auditor of companies, and the appointment is made with the previous approval of the RBI. The RBI may also direct special audits.
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