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Rajul and Associates, Chartered Accountants, were appointed as the stock auditors by the Bank's audit committee for ten branches for year 2024-25.…

CA Final · Advanced Auditing, Assurance and Professional Ethics · MTP · September 2025

Rajul and Associates, Chartered Accountants, were appointed as the stock auditors by the Bank's audit committee for ten branches for year 2024-25. The Bank's management appointed and fixed the remuneration of Rajul and Associates, Chartered Accountants as the statutory auditors also for the year 2024-25, for the same ten branches for which they were given the assignment of stock audit. Whether the Bank's Management is authorised to appoint and fix the remuneration of statutory auditors without consulting the Audit Committee of the Board of Directors or members in Annual General Meeting?

(A) Bank's Management can appoint and fix the remuneration of statutory auditors only in consultation with the Audit Committee of the Board of Directors.

(B) Rajul and Associates, Chartered Accountants were already appointed for stock audit by the audit committee, therefore only audit committee was authorised to appoint or fix their remuneration as statutory auditors.

(C) Rajul and Associates, Chartered Accountants were already appointed for stock audit by the audit committee, so the Bank's Management is authorised to appoint the same firm as the statutory auditors without consulting the audit committee or members in the Annual General Meeting.

(D) Bank's Management cannot appoint or fix the remuneration of the statutory auditor unless the same is passed by a resolution in the Annual General Meeting of the Bank.

Rajul and Associates, Chartered Accountants, were appointed as the stock auditors by the Bank's audit committee for ten branches for year 2024-25.…

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