CAG releases new policy for Empanelment of CA Firms/LLPs for FY 2023-2024:

CAG releases new policy for Empanelment of CA Firms/LLPs for FY 2023-2024 The Comptroller and Auditor General of India (CAG) has released a new policy for the Empanelment of Chartered Accountant Firms & LLPs for FY 2023-2024. As per CAG, the criteria for empanelment and selection of statutory auditors have been arrived at after due consultation with the Institute of Chartered Accountants of India (ICAI). There is a 14-point criterion for the selection of firms/LLPs for appointment as auditors where the audit fee is up to Rs 5.00 lakh. However, for selecting firms/LLPs for Major Audit where Audit fees are more than Rs 5.00 lakh, there are Additional criteria over and above 14-point creteria. The total period of appointment of a firm/LLP as auditor shall be for three financial years provided the firm/LLP continues to be eligible for the said audit, its point score has not reduced by more than 25 percent over the previous year’s point score and the firm/LLP has not been debarred from an appointment in the year by this office. A firm/LLP who retires/surrenders from an audit of a Maharatna Company, shall not be entitled for allotment of audit of any Maharatna Company for a period of four years after such retirement/surrender, In the case of a Maharatna/ Navratna Company, a firm/LLP after retiring/surrendering is not considered for the same Company for a period of five years. Click on the below-mentioned link to Download the Policy Document.