Guidelines for Appointment of Auditors of PFMs and Schemes under New Pension System...

Pension Fund Regulatory & Development Authority (PFRDA)
PFRDA (APPOINTMENT OF AUDITORS) GUIDANCE NOTE 2012

Part A: Appointment of Statutory Auditors of Pension Funds
(This part of Guidance Note is issued under Clause 1 of the ‘PFRDA (Preparation of Financial Statements and Auditor’s Report of Schemes under National Pension System) Guildelines-2012’) 

I. Eligibility Conditions:
(a) Auditor of a PF shall be either a partnership firm or a corporate entity; it shall not be a       proprietorship concern.

(b) The audit entity should have a five year track record of continuous operations.

(c) Audit entity should have a minimum of five partners out of which,
(i)  Any four partners to have an audit experience of   three years, 

(ii) Any two partners to have been in practice in an audit entity for five years ,

(iii) Any two partners to have been with the appointed audit firm for a continuous period of three years.

(iv) Any one partner to be a Fellow member (FCA) of ‘The Institute of Chartered Institute of India’ (ICAI) and should have been in continuous practice for two years after enrolment as FCA.

(d) At least one partner or paid Chartered Accountant of the entity should have CISA/ISA or any other equivalent qualification.

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