Debarment of auditors for failure to follow central bank directions; authority to remove auditors from audit duties temporarily. Insertion of section 45MAA authorises the Bank, where an auditor fails to comply with any direction or order under section 45MA, to remove or debar the auditor from exercising audit duties for any Bank regulated entities for a limited period. The provision links non compliance with supervisory directions to temporary disqualification from audit functions as an administrative sanction by the Bank.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Debarment of auditors for failure to follow central bank directions; authority to remove auditors from audit duties temporarily.
Insertion of section 45MAA authorises the Bank, where an auditor fails to comply with any direction or order under section 45MA, to remove or debar the auditor from exercising audit duties for any Bank regulated entities for a limited period. The provision links non compliance with supervisory directions to temporary disqualification from audit functions as an administrative sanction by the Bank.
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