CA Lokesh Pokharna (CA (Ahmedabad Bhilwara Chittorgarh)) (4128 Points)
10 January 2013Hello friends & members,
In case of sole prop firm, is there any mandatory requirement of DISA qualification for getting bank audit........????
if yes then still waiting period of 3 years applicable to sole prop. firm or not???????? & if no then whats the extra advantage of DISA qualification.??????
Back in the Game
(a)
(1273 Points)
Replied 10 January 2013
DISA Qualification is considered as an advantage to get Bank concurrent audits.
but Branch statutory Audit has different ideology mainly history of Firm/Memeber etc...
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 10 January 2013
need more insights on topic....eloberate more........
if one holds DISA, can he get concurrent audit before completion of 3years in practice,??
3 years limit applicable to statutory audit , whether its also applicable to concurrent audit.?
CA Mangesh Chitale
(B. Com. A.C.A. DISA (ICAI) DIRM (ICAI))
(245 Points)
Replied 10 January 2013
DISA qualification is useful for systems audit.
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 10 January 2013
| Originally posted by : CA Mangesh Chitale | ||
 |
DISA qualification is useful for systems audit. |
 |
need more insights on topic....eloberate more........ if one holds DISA, can he get concurrent audit before completion of 3years in practice,?? 3 years limit applicable to statutory audit , whether its also applicable to concurrent audit.?
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 11 January 2013
Hello Lokesh,
For the bank audits, you have to empanelment yourself or your company to the rbi for statutory audits and for the concurrent audit, you have to empanelment yourself with specific bank.
Mostly audit is given by merit basis, you have more partners and more qualification, chances of audit increases. So the DISA is very compulsory course required for bank audit, because every bank calls such firms which partners have disa qualification. Other factors like experience and no. of partners are also considered.
So this is not a certain or specific proess. but every bank gives his minimum requirement for the empanelment which you have to fulfill.. Some times for the banks of small cities, you will get the audit easily if you have an branch office in that city..
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 11 January 2013
Hi saurabh, whatever you said is applicable to concurrent audits or for statutory audits also.????????
And is there any need of DISA for statutory audit????
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 11 January 2013
I have already differntiate the statutory audit and concurrent audit because empanelment of both are done by different authorities.
And Disa is a added qualification in addition to the CA. or in other words you can say that in a firm minimum one partner should be a disa is compulsory in now a days.... every authority give preference the same and also mention this qualification in their mandatory requirement list...
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 11 January 2013
@ one more query saurabh -
If one holds DISA , then in case of statutory audits, waiting period of 3 years still applicable or not???????????????
means can a DISA holder sole propl. firm can be appointed as a statutory auditor before completion of 3 years in practice ??????
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 11 January 2013
Lokesh, Statutory audit is given by rbi on merit basis.. If you empanelment yourself suppose for the new delhi, competition will increase and your chances will low to get audit.. but if you will empanelment yourself for the small city like for a small district bank, then there will be chance to get audit because of low competition..
So it's the purely matter of competition....
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 11 January 2013
Please reply in simplest form..
qus.1- for statutory audit, DISA required or not?
2- If DISA required then one can get audit before 3 years or it will be afetr 3 years?????
i short i want to say that , will DISA qualification eliminates the waiting period of 3 years or not????
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 11 January 2013
Disa is required and disa qualification does not eliminate 3 year minimum practice boundation...
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 02 September 2013
Thanks you sourabh
CAclubindia
