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harsh jain asked 1 year ago

sir 2 weeks ago you explained to 1 student that audit of PMS is to be done by statutory auditor only.
but in mcq 58 of ICai the language quoted by iaci is not understandable
it is like this- As per RBI guidelines PMS investments need to be audited
separately by the external auditors and the auditors are required
to give a certificate separately for the same. So, in the above
case the auditor should not verify the PMS transactions and
advise the bank to segregate the PMS transactions from its own
investments and provide the certificate of external auditor.

1 Answers
RaviRavi Staff answered 1 year ago

external auditor means statutory auditor
and question also indicates statutory auditor is doing it
point is they are not maintaining separate records

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