- Securities and Exchange Board of India vide circular dated May 14, 2025, has issued Composition of the Internal Audit team for CRAs.
- Para 33.1.3 of the Master Circular for Credit Rating Agencies (CRAs)dated May 16, 2024, in respect of requirements related to Internal Audit of CRAs, specifies as under: "The audit team must be composed of, at least, a Chartered Accountant (ACA/ FCA) and a Certified Information Systems Auditor/ Diploma in Information Systems Auditor (CISA/ DISA)."
- In order to provide CRAs with a larger pool of eligible
professionals with the relevant experience/ qualifications for
conducting the internal audit, it has been decided to include Cost
Accountant (ACMA/ FCMA) and Diploma in Information System Security
Audit (DISSA)qualifications from the Institute of Cost Accounts of
India (ICMAI)to the audit team. Accordingly, Para 33.1.3 of the
Master Circular for CRAs stands modified as under:
"The audit team must be composed of at least a Chartered Accountant (ACA/ FCA) or a Cost Accountant (ACMA/ FCMA) and a Certified Information Systems Auditor/ Diploma in Information System Auditor/ Diploma in Information System Security Audit (CISA/ DISA/ DISSA)."
- The circular shall be applicable with immediate effect.
- The circular is attached herein.
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