NBFCs or Non-Banking Financial Companies provide certain financial services. They don’t have a banking license; while they are incorporated under the Companies Act 2013 or 1956 and engaged in the business of loans and advances along with acquisition of shares, stocks, debentures issued by the government or local authorities. RBI Non-banking financial company audit is key process in the functioning of reports for NBFCs – that need to obtain a certificate from Statutory Auditor – engaged in non-banking financial institutions holding a certificate of registration under Section 45-1A of the RBI Act, 1934, to prove their eligibility.
RBI Non-Banking Financial Company Audit reports are made by the auditors on the accounts of a NBFC examined by the auditor for every financial year or after the commencement of the directions. These reports are based on various matters included in the report that include:
In case of non-banking financial company is an investment company – not accepting public deposits and invested not less than 90% of its assets in the securities of its group, subsidiary or holding companies as long-term investment.
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