Bank branch statutory audit 2011-12

Can any one get allotment letter from Bank?

No information till today

MONDAY MAY BE THE DAY OF NEWS

Which is the last date for receiving communication from Bank brach? 

Hello

Pls update about the final decision of RBI regarding bank audit 2011-12

Thanx

Hello

From some reliable sources it comes to know that RBI has decided for bank audits on the following norms: Branches with advances of less than 10 crore will be audited once in three years and other branches will be under the old and existing norms. This news is not still confirmed.

Hope for the best

We should keep in mind that  , Branches having Advance below 20 crores are comprising of mainly in rural areas, with more advances concentrated on, Agriculture and related activities and with small limits with large number of accounts.  Most of it are also in Educational Loans .  We know the status of these loans, year after year, and The Institute may explain the intricacies involved in such accounts and accordingly represent the matter to RBI and to the Government.

sir,

In the LFAR, one point is whether bank has obtained Audit report of assessee( 44AB Audit).now the limit is 60lakhs.Cases are not selected for scrutiny up to 10 lakhs of income. Authorities are giving importance to such small amount.In such senario, RBI is willing to stop audits of branches below 20 crs.Is it sure that such branches are not prone to frauds or likelihood of showing rosy picturs of balance sheet and Central auditors have to certify such unaudited balance sheets.Whether disclimer to this effect (as per unadited  b/s) will safeguard Main Auditors. What will be the fate of trust reposed by depositors as they have to relie on unaudited B/s.Please endorse this view if you agree and our institute should represent strongly.

http://www.moneycontrol.com/news/cnbc-tv18-comments/rbi-may-soon-do-awaybranch-auditpsu-banks-sources_677644.html

Our Institute issued a notification for our members on 5.3.12 and reproduced below:-

Announcement - Regarding Bank Branch Audit related matters. - (05-03-2012) For Information of Members Announcement [Regarding Bank Branch Audit related matters] The office bearers and Council Members of the Institute have been in receipt of a representation from various members in regard to certain issues concerning the profession and in particular re: matters relating to bank branch audit, appointment procedure etc. Since numerous such communications have been received this announcement is being put up for the information of members so that individual responses to the representation may be avoided. We may inform you that the President and the Council of the Institute are fully seized of the matter and they even before receipt of these representations have taken proactive steps to engage the government and appropriate authorities in a dialogue. The same is aimed at emphasising the contribution made by this profession in the corporate and banking sector and to avoid certain incorrect perceptions in the minds of authorities entrusted with decision-making in this regard. The representations made personally by the President along with the Vice President and certain members of the council have been well received and the favourable conclusion is awaited. In the interim, it is important as mentioned by a past President that " the profession speaks with one voice" when there is a difficult situation to be faced. Members are therefore requested to note that their representations have been duly noted and are being acted upon. In view thereof, further circulation of personal views by emails / letters to Government and Regulatory authorities may be avoided, so that a situation wherein different views are being expressed on behalf of the profession to various authorities does not arise. Secretary ICAI