Sebi comes out with composition of internal audit team for CRAs

Markets regulator Sebi on Wednesday expanded the list of eligible professionals who can be part of the internal audit team for Credit Rating Agencies (CRAs), making it more inclusive. Earlier, the internal audit team for CRAs was required to include a Chartered Accountant (ACA/FCA), and a Certified Information Systems Auditor (CISA) or someone with a Diploma in Information System Audit (DISA).

With the latest update, the revised criteria now allow for either a Chartered Accountant (ACA/FCA) or a Cost Accountant (ACMA/FCMA), along with a professional holding one of the following qualifications: CISA, DISA, or DISSA (Diploma in Information System Security Audit from ICMAI).

“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),” Sebi said in its circular.

The new requirements are applicable with immediate effect.