Hello Pls update the status of today meeting at rbi on bank audit 2011-12

thanx

A ppt presentation on why bank branch audit ..is required ? is filed before RBI during last month

ppt is attached

&

Members of EIRC has informed in the Seminar on Bank Audits on 10th March, 2012 that the matter is lying with Finance Ministry and it will be taken up by the Ministry only after presentation of Budget, 2012 on 16th March, 2012

news cuttings of Udaipur CAs activities

READ CA. Amresh Vashist facebook profile regarding bank audit where mentioned that.....

The file is pending and yet to send back to RBI. I dont think , now 20 crore figure is no more in consideration. Either the limit shall be ten crore or status quo(Old Pattern) shall be there .In case of 10 crore , advances less than 10 crore shall be audited at a interval of 3 years

DOWNLOAD THE LINK FILE BELOW :

CA. AMRESH VASHIST G HAS RECENTLY DELETED THE ABOVE SAID INFORMATION FROM HIS PROFILE..... 

TODAY LUNCH TIME I HAVE RECEIVED THE BELOW EMIAL FROM MY ONE COLLEAGUE...

ASHOK BANSAL caashok78 @ rediffmail.com
2:18 PM (13 minutes ago)

to me

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From: CA M S BHATIA awakenedcas @ yahoo.com
To: "awakenedcas @ yahoogroups.co.in" awakenedcas @ yahoogroups.co.in
Subject: [AwakenedCAs] LATEST NEWS ----BANK AUDIT...................

CA ASHOK BANSAL
Ashok Bansal & Associates,
99157-07702

Follow Rediff Deal ho jaye! to get exciting offers in your city everyday.

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Cc:
Date:
Subject: [AwakenedCAs] LATEST NEWS ----BANK AUDIT...................
 
Dear All,

As per telephonic talk( 9.30am today) with CA Amresh Vashisht... The finance secretary in FINANCE MINISTRY has informed that they can not do any thing in the matter. It means ICAI's meeting with FINANCE MINISTER Sh. Parnab Mukherjee have failed.

RBI's proposal of auditing branches above 20 crore only seems to have been accepted by Finance Ministry.

In this way,out of 62000 only 7000 firms will get bank audit.

This is latest.

It has been advised that now only Political pressure can work.

Thanks.

CA M.S.BHATIA

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In Mr.Amresh Vashist facebook had enough discussions in past 2 months. He took lot of efforts in discussion / representation on behalf of small and medium firms.

From monday onwards the developments are in different direction

- some catagory II firms have already claimed, that they are informed about branches by mail /phone and they are preparing for audit.

- A very senior Bank manager in allotment seat says they can't wait too long for ministry which will be busy with 16th march budget.

- Looks like no hope is required beyond this level

Still no decesion came from Rbi about bank audit revised limit so No allotment of bank audit till 15th March 2012

as per ca c v pawar blog, the rbi has not issued any direction about limit of audit. if no direction is issued by rbi by 15th bank will go as per old norms.

Any updates???

any update?

Central auditors says that list of allotment for branches above 20cr advance has been almost  finalised.

but alloted to whom? no confirmation from any audit firm taken so far.

New of allotment will come only after approval from RBI. All bank will send list to RBI for approval purpose.

RBI may soon do away with branch audits; to save public sector banks hundreds of crores, reports CNBC-18's Gopika Gopakumar quoting sources.

Most PSU banks have two kinds of auditors, statutory central auditors and statutory branch auditors. Statutory central auditors for most banks are around 6 but when it comes to branch auditors the number runs into thousands. For instance SBI has around 3625 branch auditors. Punjab National Bank has 1300 branch auditors. All this compared to private sector banks which have only one statutory central auditor.

Also when you compare the auditor fees public sector banks- SBI for instance pay as much as Rs 124 crore as auditor fees compared to Rs 2 crore which ICICI pays to it's auditors. So that's the reason why RBI is looking to bring down the number of branch auditors for public sector banks.

Currently branches with advances of more than Rs 3 crore and above comes under branch auditors but the RBI is looking to increase their number to Rs 20 crore advances and above.

Now even the RBI governor in December last year had mentioned that the relevance of branch audits had significantly declined but that's largely because after the implementation of core banking system the relevance has actually declined and there is no need for branch auditors but for statutory central auditors.

So, that's the reason why RBI is looking to reduce the cost for public sector banks but the final numbers on branch auditors for this fiscal has not been decided yet.