Any news on Bank Branch Audit allotment for 2011-12 ?
CA. Bhabani , FCA, DISA, DIRM (Chartered Accountant) (205 Points)12 February 2012
Replied 16 February 2012
may be this year 2011-12, thereshold limit of advances to get statutory audit be increased from 3 cr to 20cr or 30 cr. But till date no notification be passed by rbi.....
so forgot about bank audit
concetrate on normal practice...
Replied 07 March 2012
I got the news that this year status quo will be maintained and those who are already on the panel of different banks might be issued appointment letter. A crucial high level meeting between RBI and bankers association is being held on 9th march
it is true.it is also heard that retiring auditors after completing 4 years will be allowed to continue this year.
it is true.it is also heard that retiring auditors after completing 4 years will be allowed to continue this year
wt is the source that retiring partners completing 4 yrs will allow to continue this yr ??????????
time available with banks to feel vacancies of retiring auditors is short.
means it is just estimation that due to short of time...
retiring auditors after completing 4 years will be allowed to continue this year ????
whether any strong source whr mentioned tat retiring auditors after 4 years will get appointment letters ?????
lets wait till meeting on 9th of march. everything including policy of appointment will be decided. lets hope that everyone in the panel gets equal chance of selected as auditors.
Replied 07 March 2012
today dated 07/03/2012,
there was CNBC TV18 foot line news time 15.00 that
"rbi proposed to audit psu bank on phased basis
now proposed audit above 20 cr
earlier limit was 3 cr
if said imply then reduce the branches by 40 %
icai oppose & discussion with finance minstry
rbi yet to be finalised the bank branch auditor year 2012"
if rbi audit only branches having advances 20 cr or more
then wt will the stand of cc members of icai
whether accept the decision ??
oppose the decision in the court (sumpreme) with plea that public money involved in the psu bank with one thing in mind tat all members (category I, II, III & IV) r with cc members...????
Replied 08 March 2012
vikrant ji, RBI has only proposed on 07th march 2012 and it is not yet finalised.