Bank Bank Statutory Audit 2021-2022
This query is : Resolved
22 March 2022
Is there is any update from any nationalized bank for branch statutory audit?
06 July 2024
Recent updates on the branch statutory audit for nationalized banks reveal that the selection and appointment process of Statutory Branch Auditors (SBAs) for Public Sector Banks (PSBs) must follow a transparent, fair, and judicious methodology. This process is guided by board-approved policies and Audit Committee of the Board (ACB) decisions
Here are some key points regarding the process and guidelines:
1. Selection of Branches: The top 20 branches, based on outstanding advances, must be allotted to SBAs. At least 15% of the bank’s gross advances should be covered by branches under SBAs
2. Appointment and Tenure: SBAs are appointed for one year at a time, up to a period of four consecutive years. The selected audit firms’ names must be uploaded to the RBI’s Auditor Allocation System (AAS)
3. Disclosure: PSBs are required to disclose the extent of business coverage under statutory branch audit on their websites for the current and previous fiscal years
Here are some key points regarding the process and guidelines:
1. Selection of Branches: The top 20 branches, based on outstanding advances, must be allotted to SBAs. At least 15% of the bank’s gross advances should be covered by branches under SBAs
2. Appointment and Tenure: SBAs are appointed for one year at a time, up to a period of four consecutive years. The selected audit firms’ names must be uploaded to the RBI’s Auditor Allocation System (AAS)
3. Disclosure: PSBs are required to disclose the extent of business coverage under statutory branch audit on their websites for the current and previous fiscal years
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
