Market regulator, SEBI in April 2011 modified the norms for appointment of its internal auditor. SEBI’s move enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years. SEBI decided to give a two year extension to the firm, Chokshi & Chokshi. The decision is aimed at ensuring independence and continuity of the auditors.
The earlier guidelines for appointment of internal auditor provided that the SEBI could hire an accounting firm for a maximum term of three years.
Chokshi & Chokshi were appointed as the internal auditors of SEBI for the year 2008-2009 and were re-appointed for two years successively. The term was to expire on 31 March 2011 after completion of three years. SEBI’s Audit Committee recommended that Chokshi & Chokshi be reappointed for a further period of two years (2011-12 and 2012-13).
Sebi is likely to follow a policy from now on whereby internal auditors are appointed for a period of three years extendable for a further period of up to two years.
Chokshi & Chokshi provides professional expertise and integrated range of advisory, assurance, tax and international accounting services across the world. In India it operates through it offices at Mumbai and Pune.
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