{"id":2530,"date":"2024-01-05T06:03:47","date_gmt":"2024-01-05T06:03:47","guid":{"rendered":"https:\/\/www.purvajafin.impressacademy.in\/?p=2530"},"modified":"2024-02-10T11:21:16","modified_gmt":"2024-02-10T11:21:16","slug":"policy-on-appointment-of-statutory-auditors","status":"publish","type":"post","link":"https:\/\/purvajafin.com\/purvajastaging\/policy\/policy-on-appointment-of-statutory-auditors\/","title":{"rendered":"Policy on Appointment of Statutory Auditors"},"content":{"rendered":"\t\t
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Policy on Appointment of Statutory Auditors<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Introduction:<\/strong> This policy on the appointment of statutory auditors (“Policy”) is established by Purvaja Fincap Private Limited (“the Company”), a non-banking financial company (“NBFC”) approved by the Reserve Bank of India (“RBI”). The purpose of this Policy is to outline the criteria, procedures, and responsibilities related to the appointment of statutory auditors for the Company.<\/span><\/p>

Objective:<\/strong> The objective of this Policy is to ensure the selection of competent and independent statutory auditors who can provide an accurate and unbiased assessment of the Company’s financial position and compliance with applicable laws and regulations.<\/span><\/p>

Selection Criteria:<\/span><\/strong><\/p>

  1. The statutory auditors shall be appointed based on their professional competence, experience, and reputation in the industry.<\/span><\/li>
  2. The statutory auditors must comply with the eligibility criteria specified by the RBI and any other relevant regulatory authority.<\/li>
  3. The statutory auditors should have a clear understanding of the financial services industry, particularly the NBFC sector.<\/span><\/li><\/ol>

    Appointment Procedure:<\/span><\/strong><\/p>

    1. The Board of Directors shall be responsible for the appointment of statutory auditors.<\/span><\/li>
    2. The Audit Committee, constituted in accordance with the Companies Act, 2013, and RBI guidelines, will play a key role in recommending suitable auditors to the Board.<\/span><\/li>
    3. The Audit Committee will assess the qualifications, experience, and independence of the proposed auditors before making recommendations to the Board.<\/span><\/li>
    4. The Board will formally approve the appointment of statutory auditors after considering the recommendations of the Audit Committee.<\/span><\/li><\/ol>

      Rotation of Auditors: <\/span><\/strong><\/p>

      1. The Company will adhere to the mandatory rotation of auditors as per the regulatory requirements.<\/span><\/li>
      2. The rotation of auditors will be implemented to ensure the independence, objectivity, and fresh perspective in the auditing process.<\/span><\/li><\/ol>

        Remuneration:<\/span><\/strong><\/p>

        1. The remuneration of statutory auditors will be determined by the Board, considering the scope of work, complexity of operations, and prevailing market rates.<\/span><\/li>
        2. The remuneration structure should be transparent and in compliance with regulatory guidelines.<\/span><\/li><\/ol>

          Review and Evaluation:<\/strong> <\/span><\/p>

          1. The performance of the statutory auditors will be periodically reviewed by the Audit Committee.<\/span><\/li>
          2. The Company will assess the effectiveness and efficiency of the auditors in fulfilling their responsibilities and meeting the Company’s requirements.<\/span><\/li><\/ol>

            Conflicts of Interest:<\/span><\/strong><\/p>

            1. The statutory auditors shall disclose any potential conflicts of interest that may affect their independence.<\/span><\/li>
            2. The Company will take appropriate measures to address and mitigate conflicts of interest as and when they arise.<\/span><\/li><\/ol>

              Amendment of Policy:<\/span><\/strong><\/p>

              This Policy may be amended by the Board of Directors as deemed necessary, subject to regulatory compliance.<\/span><\/p>

              This Policy on Appointment of Statutory Auditors is hereby approved and adopted by the Board of Directors of Purvaja Fincap Private Limited on 01.04.2023.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

              Policy on Appointment of Statutory Auditors Introduction: This policy on the appointment of statutory auditors (“Policy”) is established by Purvaja Fincap Private Limited (“the Company”), a non-banking financial company (“NBFC”) approved by the Reserve Bank of India (“RBI”). The purpose of this Policy is to outline the criteria, procedures, and responsibilities related to the appointment […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-2530","post","type-post","status-publish","format-standard","hentry","category-policy"],"_links":{"self":[{"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/posts\/2530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/comments?post=2530"}],"version-history":[{"count":0,"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/posts\/2530\/revisions"}],"wp:attachment":[{"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/media?parent=2530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/categories?post=2530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/purvajafin.com\/purvajastaging\/wp-json\/wp\/v2\/tags?post=2530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}