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RBI/2007-2008/101DBS.ARS.BC. No. 3/ 08.92.001/ 2007-08 July 25, 2007To,The Chairman Managing Director, all Nationalised Banks andThe Managing Director, Associate Banks of SBIDear Sir/Madam, Remuneration payable to the S
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The circular is regarding the remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 2006-07.
Statutory Central Auditors (SCAs) may be assigned the Tax Audit work at the banks' Head Office level. To ensure transparency and fair distribution, this work may be allotted by rotation in consultation with SCAs/ACB.
For the 2007-08 financial year onwards, the fee for tax audit payable to SCAs at the Head Office level will continue to be paid at 20% of the basic audit fee. For the year 2006-07, it was also paid at 20% of the basic audit fee.
For tax audit at the branch or Controlling Office level, Public Sector Banks (PSBs) may decide on their own, in consultation with ACB/Board, the appointment of auditors and the audit fees payable to them. For the year 2006-07, the fee was 15% of the basic audit fee.
The system for assigning and paying tax audit fees as outlined in points (i) to (iv) will be effective from the current year, i.e., 2007-08.
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