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Statutory branch audit ( s b a 2014 )

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)

19 February 2014

Friends

Banks have started sending letters for confirmation of particulars of Audit Firms

Pl provide all updates here

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42 Replies

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 19 February 2014

Request all of you update informations -

Particularly Banks whch have intiated the audit allottment

Advance limits this year ( whether at Rs 20 crores ) etc

Canara Bank has initiated the process on 18/02/2014

SAURABH KASTURIWALE (PRACTISING C.A.) (160 Points)
Replied 20 February 2014

what about those firms which were not earlier in panel for last year ?

any updates ? have the banks started to send letters for offer to new auditors'

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 20 February 2014

I donot have any idea regarding new appointments in place of those firms whose tenure of 4 years have ended .

If advance limits are at 20 crores as in the last year there would be reduction in no of firms to be offered audits

New/ Fresh appointments in the past were normally done during Jan & February before existig auditors are offered reappointment .

Pl provide all updates here so that it will bvenifit all

.

sathianarayanan.t (chartered accountant) (267 Points)
Replied 20 February 2014

The number of branches to be audited may be more than that of last year's because atleast 10% of branches unaudited last year may have crossed 20 cr., advance limit this year. So there may be fair chance of getting audit for the new firms. In couple of years, if this 20 cr., limit is continued, then every one may get allotted as in couple of years back.

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 21 February 2014

Sir Let us be optimistic & hope for the best Year 2013-14 was worst & NPAs would be more this time - pl provide up dates & share informations

sathianarayanan.t (chartered accountant) (267 Points)
Replied 21 February 2014

Most of the CAs are telling there would not be any bank audit for the cat III & IV in couple of years. But what is happaening in UBI (Union Bank of India). The loss in Q3 is due to fresh NPAs from small accounts which were not given importance in the earlier years. Applying the same logic, the RBI can now ignore the small branches from audit but it will realize its mistake very sooner or later. Our institute is also not doing any thing. Even after surfacing of the KYC frauds in banks, our institute should have taken the matter of small branches audit to the higher level. Whether they did?

SAURABH KASTURIWALE (PRACTISING C.A.) (160 Points)
Replied 21 February 2014

any body got new appointment this year from any psb till date ?

G GURUMOORTHI (PARTNER) (51 Points)
Replied 23 February 2014

Many banks have completed finalising list of new incoming auditors by obtaining phone and subsequent e mail confirmation and allotment letters are expected by first week of mar 14

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 24 February 2014

Gurumoorthi Sir Pl provide details of banks & category of new auditors

G GURUMOORTHI (PARTNER) (51 Points)
Replied 24 February 2014

Many banks have preferred category III and Category IV auditors as new incoming auditors.

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 04 March 2014

One observation is that out of the empnelled firms - Category -1 & IV are larger innumber as compaed to category II & III

Any up dates on allottment --

sathianarayanan.t (chartered accountant) (267 Points)
Replied 04 March 2014

It is learnt that, the SBI has sent the panel of auditors list to RBI for their approval and the CAs may get the intimation of appointment may be within a week or ten days.

C.A. P. HAREESH KUMAR (PRACTICE) (375 Points)
Replied 12 March 2014

FRIENDS

ARE THERE ANY UP DATES ON ALLOTTMENT / ITS STATUS

PL POST

sathianarayanan.t (chartered accountant) (267 Points)
Replied 12 March 2014

Mr. Hareesh, In our city, Salem in Tamilnadu, to my knowledge no bank has recruited new CAs (Practicing in individual name) to their panel. Those who were in cooling period in the last year, no bank approached for this year also. So, their cooling period continues for this year also. This is a very sad news for proprietory firms. Cat III firms have got fresh appointment this year. What about the status at your place?