S b a 2016

Thanks Hareesh Sir, for starting the new post on SBA 2016. This time the form is very condensed and no info. is asked for empanelment with cooperative banks and societies.

ICAI/RBI has still not hosted the list of SBA for 2014-15.

Yes, these ommissions ( detail about concurrent/revenue/income audit in hand is also missing) of info collection can lead to a bizzare situation wherein we get allotted to a bank where we are indebted or where we are doing concurrent audit. Have already brought this to the notice of some CCM's but no response so far.

Thank you for your reponse Mr. Rajagopalkrishnan    These   simplifications  can not be presumed  to be without adequate  considerations / thought behind it . What are the undelying reasons for the omissions need to be known 

Before allottment of audits , Banks do enquire about indebtedness . So  the onus is now upon the applicant auditor to disclose his  indebtedness and restrain from accepting such offers . 

Last year  PDC Secretariate wanted to publish the final Panel  accepted by RBI in its MEF portal  .   After the final list of eligible firms was forwarded by P D C   no feed back was  given by RBI . Lack of reciprocity in sharing informations may be one of the reasons behind avoiding too many details . After all I C A I is an autonomous body  and not governed by RBI  in professional matters relating to it's members . 

 

 

The last date of online filing of MEF 2015-16 is extended upto 14th September, 2015 and the last date of submission of duly signed declaration has been extended upto 21st September, 2015.

Members can check the allocation of branches to Statutory Branch Auditors for 2014-15 in S b a 2015 post.

 

Yes CA Hareesh, Every change has a rationale no doubt. It was nobody's case that Auditors were not disclosing their indebtedness. more so when MEF was capturing the data. I know a many a case where in spite of MEF diclsoure of indebtedness ( including my own back in 2007), the samebank was allotted and the member is forced either to close the loan (Difficult??) or forego the assignment. I am worried  now that ICAI is not collecting this data, it will definitely own no responsibility. Say for Eg the only offer from a PSB you get is from one in which you have a loan, you are helpless.

My question is  - has the ICAI made a sample survey at least of how many offers were made in earlier years, to ineligible firms on account of Indebtedness and/or other prof association. Looks like it has'nt and more so neither the ICAI nor RBI really cares.  

Another writing on the wall is that the SBA as we see it is likely to shrink and disappear in a few years. We need tobrace ourselves to that

Your observation on SBA is very true . Size will first shrink before it finally vanishes . Govt policy is to give more autonomy to Bank Managements in view of the huge NPAs and Capital adequacy requirements CCMs of our ICAI have lot of things in their agenda . Survival SMPs rank the least - Why then sample survey . Pl go ahead with detailed analysis on each and every facet Mr. Rajagopalkrishnan Let us strive and dedicate ourselves to make SBA exercise more effective while maintaining highest standards of integrity , independence and fairness in reporting .

    Cases for scrutiny were  picked up  by P D C  last year within moments after the  expiry of  time for  on  line  submission of  MEF . This year  no information  in the portal  on cases selected for scrutiny 

Any Information on the above may kindly be shared 

 

Rib has hosted list of 2014 15 auditors and also allotment of branches

Thanks to Atrrinandan Angle for the update. We have gone through the list and have the statistics of the total No of Audit Firms that were SBAs or SCAs. SBAs were 14851 and SCAs were 129 . Bank wise break up is attached in the file. We shall have an analysis and a course of action to be followed in order to make bank audits more effective. We have formed a Facebook group Statutory Auditors of  PSU BANKS . PL  JOIN THE GROUP 

Thanks to Atrrinandan Angle for the update. We have gone through the list and have the statistics of the total No of Audit Firms that were SBAs or SCAs. SBAs were 14851 and SCAs were 129 . Bank wise break up is attached in the file. We shall have an analysis and a course of action to be followed in order to make bank audits more effective. We have formed a Facebook group Statutory Auditors of  PSU Banks   pl join the group

 

Join our face book group   STATUTORY AUDITORS OF PUBLIC SECTOR BANKS 

https://www.facebook.com/groups/1616805311934380/

Mr. Hareesh, 

After increasing the advance limit to Rs. 20 crores, for the first time in 2015, the number of SBAs increased by 800 comparing with previous year 2014.  Except SBI, all the other nationalised banks, increased the number of branch auditors.  I think this is a good sign subject to that the limit again should not be increased.  We may hope from the new central council members 

statutory central bank auditors for 2015-16 appointed.list available on rbi website

THANKS FOR THE UP DATE      PL JOIN OUR FACE GROUP