Statutory branch audit ( s b a 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 

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'

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

  .

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.

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?

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

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

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

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  -- 

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.

FRIENDS

ARE THERE ANY UP DATES ON ALLOTTMENT  /  ITS STATUS  

PL  POST  

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?