Bank empanelment category

boss PDC correct the empanelment is in name of firm and not individual partner hence u were given PART - 3

Yes standing of the “Firm” is less than 3 year. And “PART3” is correct. But my question is, whether all “PART3” firms/individuals are not eligible for bank audits. We all know, an initial cooling period of 3 years has been introduced from 2002. ie a newly qualified CA will not be given bank audits till he completes 3 years of standing. Now also, newly qualified CAs are given “PART3” in this empanelment and will not be eligible till they completes 3 years. Ours is a two partners firm and estb on 01.01.2007. In our case one of the partners got bank audits in his name earlier after his 3 years waiting. Had he continued in his individual capacity he would have got audits. I wish to know whether firms like ours will be given bank audits even if they are placed under “PART3” by the system becoz of the firm’s incorporation date. I wish to reproduce from the ICAI categorization norms that the category can be taken as III if standing of the audit firm is 5 years (for the firm or at least one partner) If all “PART 3” firms are not given bank audits irrespective of the partners individual standing then it will be a great mistake. Just imagine a case; a very senior CA after his 20 years standing and bank audit experience of 20 years wish to form a new partnership with his newly qualified son then his new firm will be placed under PART3 and refused bank audits. So I believe this is a system generated categorization and ICAI will check all the cases individually.

I had been applying for empanelment of Bank Br. audit since Mareh 2003. Though empaneled never alloted any audit. Reason not known. Perhaps experince desired in bank audit. How can we enrich experience without allotment of audit work My membership no. is 12240 and started practice after seeking vol. retirement from a PSU after working their for 30 long years.

From 2001 (I think) onwards, they stipulate 3 years standing for allotting bank audits. "standing" means from COP date. Those who passed during 2001 exams got their first audit only on March 2006. But there is no bar for an Individual to get bank audits but cannot get bank audits immediately after getting passed CA and apllied for COP in case of new members. For old members also , COP date is taken as experience. Therefore you will get bank audits but after a wait for 3 years after getting COP.

AS THE NORMS STATED BY C.SUBRAMAIUM, DOES THIS NORMS APPLIES TO THE AUDIT OF CONCURRENT/REVENUE /INSPECTION AUDIT ALSO?

PLEASE CLARIFY

Mr.Narinder, the norms only applicable for Public Sector Bank Statutory audits allotted by RBI and not for concurrent & other audits allotted by the bank itself.

hi c.sub

CAN U PL TELL ME THAT HOW SHOULD I APPROACH THE BANKS FOR CONCURRENT AUDITS.

I STARTED MY PRACTICE IN SEPT 07 THOUGH QUALIFIED IN 2000.

PL GUIDE ME.

NARINDER

If you would have taken a route of Merger of two individual firms into one oldest firm, we will be given credit of your past experience of oldest firm. You may contact Central Council member Mr. Jaydeep Shah (an expert of ICAI) on the matter.

YOU CAN DIRECTLY CONTACT WITH BANKS FOR CONCURRENT AUDIT.

I am a F.C.A practicing since last 7 years as a partner is firm, now I have my own proprietorship firm and retired from partnership. My question is that If I empanel for Bank Statutory Audit , whether my previous experience will be considered for allotement of audit. If I empanel in my own name whether I am eligible for allotement of audit.

In SA Builders case the apex court ,given verdict that if interest free loan is given to Sister Concern in commercial expidency ,interest paid on proporsnate loan shall be allowed U/S 36  of IT act ,

What is a sister concern for a fartnership firm

In the empanelment form in annexure A under coloumn whether the main occupation is practice the form default says N instead of Y and my category allotted is part 2 instead of part 4 sp what i have to do

Originally posted by :Guest
"	In the empanelment form in annexure A under coloumn whether the main occupation is practice the form default says N instead of Y and my category allotted is part 2 instead of part 4 sp what i have to do	"

 

Originally posted by :Guest
"	In the empanelment form in annexure A under coloumn whether the main occupation is practice the form default says N instead of Y and my category allotted is part 2 instead of part 4 sp what i have to do	"