Thank you Styanarayanan ---    Let us hope for the best  . 

If all of us are together we may be able to do a lot --   reasonable earning for all those who pursue and practice this profession has to be ensured -  A Doctor demands his fees  - Advocates demand their fees - They have  more social obligation  than  us .    

We are to serve the rich / upper class  / business community  -      Audit fees is the last priority for  our clients  ---    Bank audit income was  a good buffer .     Hope for the best  

Originally posted by : C.A. P. HAREESH KUMAR
	Thank you Styanarayanan ---    Let us hope for the best  .  If all of us are together we may be able to do a lot --   reasonable earning for all those who pursue and practice this profession has to be ensured -  A Doctor demands his fees  - Advocates demand their fees - They have  more social obligation  than  us .     We are to serve the rich / upper class  / business community  -      Audit fees is the last priority for  our clients  ---    Bank audit income was  a good buffer .     Hope for the best

anybody received call from indian bank?we are on panel for last  year.our category is II.

hot news!

Auditors of syndicate bank and SBH have received mail about contineuation in panel and asked for confirmation. Any body got massage from DENA bank? please share. VP has confirmed the limit of 20CR. in HUBLI Visit. He also said  that efforts are on as in last year.But reality comes only on or before 31/3/13

New avenue in karnataka is opened to CAs  for Audit of ...cooperative sector.This is only information.

Atrinandan angle

You can contact Indian Bank, Chennai, HO, audit department to know your status, whether you are in the panel or not and if you are in the panel, whether you will be allotted branches or not.  They are obliging and giving such information.
 

thank you sir, we have contacted indian bank  corporate office chennai and we are informed that list of auditors is forwarded to rbi and on approval branches will be alloted

HI,

Any Latest news now it is end of the I week of March?

No  news  Mr. Kangaraj --    Except  the following  seen   in Face Book

First message by President of the INSTITUTE    MAR 2013  

EFFORTS   ON   BANK AUDIT ISSUE

" RECENTLY  THE COUNCILL OF THE INSTITUTE HAD CONSTITUTED A COMMITTE  TO  ASESS THE NEED,  EFFECTIVENESS AND IMPORTANCE OF BRANCH  AUDIT IN BANKS , ESPECIALLY IN THE CONTEXT OF THE CURRENT SHIFT / EMPHASIS ON USAGE OF INFORMATION TECHNOLOGY / CORE BANKING SOLUTIONS BY THE BANKS    . THE REPORT FROM THE COMMITTE IS EXPECTED SHORTLY WHICH WILL BE SUBMITTED TO ALL CONCERNED TO LET THE STATUS -QOU BE PRVAILED IN THE THRESHOLD LIMIT OF ADVANCES ABOVE WHICH BRANCHES OF PUBLIC SECTOR BANKS ARE REQUIRED TO BE AUDITED . WE HAVE TAKEN UP THE MATTER WITH ALL THE STAKE HOLDERS INCLUDING THE HIGH AUTHORITIES  AND WE HOPE FOR POSITIVE OUT COME SOON "

Sir 20 crore limit is final and almost all banks has finalised allotment list.Branches come under mandatory audit will comes down by 60 to 70%, approved firms will get one or maximum two branches for auditing and all approved firms will get audit (1 or 2 Branch)

any infomration as to whether audit will be alloted to continuing category3 and  4 firms,or will be alloted to category 1 and 2 only?

Yes  Atrinandan Angle 

  categry  III  & IV  are not excluded  and they are likely to be allotted ---  That is what  is infered  now 

It is learnt that the syndicate bank has sent mails to the existing auditors (cat iv)for their acceptance.  Hence the III & IV auditors will be alloted branches but number of branches may go down.  The SBI has already confirmed to some of my friends that the existing auditors will get branches.

Kindly inform audit firms in catagory iv and have completed 4 years tenure on 31/03/2012 with a bank will be appointed by any bank for the year 2012-13 onwards

Category -IV  who have completed their tenure of  4 years  cease to be in the panel of the particular Bank

Unless they get fresh offer from any other bank   their chances are  seemingly nil   ---    This is only a guess not to disappoint any one 

Let us have  a  discussion on   the relevance  , need & importance  of  statutory branch audit of banks particularly in the context of core banking solutions ---   It is requested that members may post their views at the earliest  

Audit by independent chartered accountants has been an effective deterent against  frauds & malpractices-  Can core banking   undermine this ?    

The advancement in the field of information technology  -   can  it  become a substitute for  professional judgement  of  skilled and  knowledgable  auditors ? 

Whose assurances are  reliable to the  Central Auditors of the bank ?    

Long form audit report  in the case of  branches  &Tax audit u/s 44 AB   - is core banking capable of discharging the same ?

to continue   

 This  exemption of branch audit  of banks by fixing threshhold limit of 20crors Advances  is in confirmity with the Branch Audit   as provided under the Companies Act  read with central Goverment rules there to ?