Banking Regulation Act

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Audit of the banking company shall be done by

duly qualified under any law for the time being in force to be an auditor of companies.

Auditor general

bank shall, before appointing re-appointing or removing any auditor or auditors, obtain the previous approval of the Reserve Bank.

both a and c

Explanation:

The balance-sheet and profit and loss account prepared in accordance with section 29 of the act shall be audited by a person duly qualified under any law for the time being in force to be an auditor of companies.

There is also a proviso to this -

Notwithstanding anything contained in any law for the time being in force or in any contract to the contrary, every banking shall, before appointing re-
appointing or removing any auditor or auditors, obtain the previous approval of the Reserve Bank.

By: SHIKHA PURI

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