First Notes - 12 October 2016

First Notes - 12 October 2016

RBI issues NBFCs Auditor's Report Directions 2016

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In 2015, the Reserve Bank of India (RBI) through a master circular (RBI/2015-16/11) issued the Non-Banking Financial Companies (NBFCs) Auditor’s Report Directions, 2008 which provided additional directions on matters to be reported by auditors of an NBFC. 

New developments

On 29 September 2016, RBI issued NBFCs Auditor’s Report Directions, 2016 (Auditor’s Report Directions, 2016) to every auditor of an NBFC for submission of an additional report to the Board of Directors (Board). These directions replace the previous circular and shall come into force with immediate effect.

This issue of First Notes provides a summary of the Auditor’s report directions, 2016.

To access the text of the RBI notification, please click here


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