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Remuneration to Bank Auditors



 

RBI/2007-2008/217

Ref.DBS.ARS.BC. No. 07/ 08.92.001/ 2007-08

December 20, 2007

The Chairman & Managing Director, all Nationalised Banks and

The Managing Director, Associate Banks of SBI

Dear Sir/Madam,

Remuneration payable to the Statutory Central and

Branch Auditors of Public Sector Banks from the year 2006-07

Please refer to our circular DBS.ARS.No.BC.08/80.92.100/2006-07 dated June 06, 2007 on

remuneration payable to statutory central and branch auditors of public sector banks from the year

2006-07.

2. As per para H of the above circular, the reimbursement of lodging charges to

partners/proprietors/qualified and unqualified assistants of audit firms has been linked to IBA

approved rates for bank officials. However, it has been brought to our notice that the IBA has since

discontinued the practice of approving rates and has advised its member-banks to enter into

arrangements at the bank level with reputed hotels to facilitate stay of their officials while on duty

outside the Headquarters.

3. In view of the above, it has been decided that for the purpose of reimbursement of the lodging

charges payable to statutory auditors, the banks may adopt the category-wise limits fixed for lodging

charges payable to their officials while they are on duty outside the Headquarters. That is, banks may

reimburse lodging charges to their statutory auditors as under :

Category of audit officials Scale & designation of bank officials

Partners / proprietors of audit firms

(central & branch audit firms)

VII – General Manager

Qualified Assistants III – Senior manager

Unqualified Assistants I – Officers

Wherever banks have Guest House or Visiting Officers’ Flats, the same may be utilized to cater to

the needs of the auditors.

4. Please acknowledge receipt.

Yours faithfully

(P.S. Sharma)

General Manager

 

Late CA Sampat Jain
on 02 January 2008
Published in Audit
Source : RBI,


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