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Guidelines that auditor shall follow at the time of statutory audit of NBFCs.
Note: RBI has merge 3 kind/categories of NBFC i.e loan companies, Asset finance company, & investment companies into an NBFC – Investment and credit company ( NBFC-ICC).
In Summary
Every Financial Year NBFC has to go through audit to make sure that they have compiled with all the norms so that it can avoid any kind of penalty. A statutory audit is compulsory, on the other hand internal audit is not. NBFC shall keep in mind the checklist that is provided by the statutory audit in order to make sure that the accounts are correct, reliable & authentic.
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