Composition of the Internal Audit team for CRAs
Summary
This circular modifies the composition requirements for the internal audit team of Credit Rating Agencies (CRAs) under Para 33.1.3 of the Master Circular dated May 16, 2024. It expands the eligible professional qualifications by including Cost Accountants and Diploma in Information System Security Auditors alongside existing Chartered Accountant and CISA/DISA requirements. The modified provisions apply immediately to all registered CRAs to ensure a larger pool of eligible professionals for conducting internal audits.
Text
The audit team must be composed of, at least, a Chartered Accountant (ACA/ FCA) and a Certified Information Systems Auditor/ Diploma in Information Systems Auditor (CISA/ DISA).
The audit team must be composed of at least a Chartered Accountant (ACA/ FCA) or a Cost Accountant (ACMA/ FCMA) and a Certified Information Systems Auditor/ Diploma in Information System Auditor/ Diploma in Information System Security Audit (CISA/ DISA/ DISSA).
The circular shall be applicable with immediate effect.
This circular is issued with the approval of competent authority, in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of SEBI (Credit Rating Agencies) Regulations, 1999 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
Source: SecMarx — Composition of the Internal Audit team for CRAs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.