Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Bank branch audit 2011-12

CA. Bhabani , FCA, DISA, DIRM (Chartered Accountant) (205 Points)

12 February 2012

Any news on Bank Branch Audit allotment for 2011-12 ?

Reply
Follow
Share

132 Replies

Vikrant Bansal (Chartered Accountant) (66 Points)
Replied 16 February 2012

may be this year 2011-12, thereshold limit of advances to get statutory audit be increased from 3 cr to 20cr or 30 cr. But till date no notification be passed by rbi.....

so forgot about bank audit

concetrate on normal practice...

Upgrade to CAclubindia Pro. Subscribe Now!

CA.Manoj (chartered accountant) (56 Points)
Replied 07 March 2012

I got the news that this year status quo will be maintained and those who are already on the panel of different banks might be issued appointment letter. A crucial high level meeting between RBI and bankers association is being held on 9th march

atrinandan angle (CHARTERED ACCOUNTANT) (114 Points)
Replied 07 March 2012

it is true.it is also heard that retiring auditors after completing 4 years will be allowed to continue this year.

Vikrant Bansal (Chartered Accountant) (66 Points)
Replied 07 March 2012

atrinandan

it is true.it is also heard that retiring auditors after completing 4 years will be allowed to continue this year

wt is the source that retiring partners completing 4 yrs will allow to continue this yr ??????????

1 Like

atrinandan angle (CHARTERED ACCOUNTANT) (114 Points)
Replied 07 March 2012

time available with banks to feel vacancies of retiring auditors is short.

Upgrade to CAclubindia Pro. Subscribe Now!

Vikrant Bansal (Chartered Accountant) (66 Points)
Replied 07 March 2012

atrinandan g

means it is just estimation that due to short of time...

retiring auditors after completing 4 years will be allowed to continue this year ????

Vikrant Bansal (Chartered Accountant) (66 Points)
Replied 07 March 2012

atrinandan g

whether any strong source whr mentioned tat retiring auditors after 4 years will get appointment letters ?????

atrinandan angle (CHARTERED ACCOUNTANT) (114 Points)
Replied 07 March 2012

lets wait till meeting on 9th of march. everything including policy of appointment will be decided. lets hope that everyone in the panel gets equal chance of selected as auditors.

PANKAJ AGGARWAL (CA) (110 Points)
Replied 07 March 2012

Hello From some reliable sources it comes to know that RBI has decided for bank audits on the following norms: Branches with advances of less than 10 crore will be audited once in three years and other branches will be under the old and existing norms. This news is not still confirm. Hope for the best

Vikrant Bansal (Chartered Accountant) (66 Points)
Replied 07 March 2012

today dated 07/03/2012,

there was CNBC TV18 foot line news time 15.00 that

"rbi proposed to audit psu bank on phased basis

now proposed audit above 20 cr

earlier limit was 3 cr

if said imply then reduce the branches by 40 %

icai oppose & discussion with finance minstry

rbi yet to be finalised the bank branch auditor year 2012"

Upgrade to CAclubindia Pro. Subscribe Now!

Vikrant Bansal (Chartered Accountant) (66 Points)
Replied 07 March 2012

one question....

if rbi audit only branches having advances 20 cr or more

then wt will the stand of cc members of icai

whether accept the decision ??

oppose the decision in the court (sumpreme) with plea that public money involved in the psu bank with one thing in mind tat all members (category I, II, III & IV) r with cc members...????