Statutory bank branch audit for 2014-15

It's 3rd consecutive year when I am not getting any PSB branch statutory audit for 2014-15 till 31.3.15. Last alloted and done audit was for 2011-12. Mine is proprietorship firm duly empanelled this year under catagory-IV by ICAI. It can neither be case of cooling-off period which is of 2 years only and that too in selected 33 big cities to which I do not belong.

My specific queries from expert colleagues are :

1. Whether Catagory-IV propritorship firms without paid CA has been barred from audit allotment altogether.

2. Whether 2 years cooling-off period is applicable for all cities,i.e. even other than 33 specified cities.

3. Can Cooling-off period be extended beyond 2 years.

4. What is the source of information about allotment of statutory audit of PSB branches.

5. Whether as members of ICAI we can expect from them taking up interest of small proprietorship CA firms with RBI and get justice.

I shall be thankful if someone can enlighten upon above matters.

Thanks and regards.

N.M.Jain

Dear Sir, Firstly there is no requirement of having a paid CA in a prop. Firm for getting branch audit. Cooling centers as per RBI are only 33 cities. (Fixed when Bank Branch audit limit was 1CR.) Since you are at a non-cooling location That means your firm's name is forwarded to all banks. However, being at a non-cooling center is not in itself a guarantee to get audit. There should be requirement for any bank in your area and it should select your name. Officially there us no extension of cooling period but as I mentioned due to increase in limit of branch audit during the past 3-4 years cooling period is automatically getting extended. Further allotment list for 2014-15 will be available on RBI's website in May-Jun 2015.

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N M Jain

SAURABH KASTURIWALE

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