- Consultants/auditors shall provide professional, objective, and impartial advice and at all times hold the Commission's interests paramount, without any consideration for future work, and that in providing advice they avoid conflicts with other assignments and their own corporate interests. Consultants / auditors shall not be hired for any assignment that would be in conflict with their prior or current obligations to other clients, or that may place them in a position of being unable to carry out the assignment in the best interest of the Commission. Without limitation on the generality of the foregoing, Consultants / auditors shall be engaged keeping in view the circumstances set forth below:(i)A consultant or an auditor engaged for a particular audit must not hold office or have a commercial or any other interest in the regulated entity for a period of five (5) years preceding the engagement by the Commission.(ii)While conducting an audit, the consultant or auditor would be expected to do so honestly, fairly, professionally, independently and objectively and exercise a standard of skill, care and diligence that would be reasonable to expect of a person who is skilled, and who has substantial experience, in the provision of services the same as or similar to those to be provided by the auditor.(iii)The selected consultant or auditor would be required to provide a written declaration to the Commission that he has no conflict of interest while performing the tasks and functions neither assigned to him under this regulation nor by its nature, may be in conflict with another assignment of the consultant or auditor.(iv)The prospective consultant/auditor, as far as possible, shall have proper and relevant qualification to handle the specified job.(v)Notwithstanding any other matter contained in this regulation, the Commission may appoint an Officer, as defined in this regulation, as auditor to carry out assigned duties. The Commission, as far as possible, will ensure to appoint an Officer who has not worked in regulated entities in the past.
