Consider the following statements: which of the following is/are correct?
1. An auditor/audit firm shall not be eligible for appointment / re-appointment in the same bank for five years (two tenures) immediately after completion of a full or part tenure.
2. An audit firm can concurrently take up statutory audits of a maximum of eight banks in a year.
3. In other words, an audit firm can concurrently take up statutory audit of a maximum of four Commercial Banks (including not more than one PSB or one All India Financial Institution or RBI), eight Urban Co-operative Banks, eight NBFCs, and five StCBs / CCBs (including not more than one StCB) in a year.
1
Only 1
2
Only 3
3
Only 2
4
Both 1 & 3
5
Both 1 & 2