How the auditors of RBI are appointed ? What is their terms ? Who were the auditors of RBI for the year 2008-09 ? Who decideds their fee and basis for the same ?
Can any of my professional colegue will enlighten on this question ?
5 Replies
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 21 July 2009
even i want to know about the same
Sumit Jain
(CA)
(4760 Points)
Replied 21 July 2009
i know that rbi appoint auditors for the banks
but for rbi
dont know
i also like to know
Jeet Biswas
(ACMA (in Service))
(5073 Points)
Replied 21 July 2009
the CAG perhaps?? pls someone enlighten us...
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 22 July 2009
i enquired about the same . i was told that "The auditors for all public setor undertakings (PSU's) will be appointed by C&AG (controller and auditor general).
The firms who are having more number of partners and having experience will apply to C&AG for registering their firm.
The C&AG panel will verify the application and based on partners merits in terms of experience and number of FCA's and ACA's and paid qualified ca's in that firm the panel will give ratings.
Based on ratings C&AG will allot for every year to differnt firms.
The firms has to register before end of june for next year audit. The allotment will be communicated in the month of Feb to auditors by C&AG.
Fees will be decided by RBI but the same has to communicated to C&AG.
After completion of the audit the report along with time schedule has to be sent to C&AG. "
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 23 July 2009
HI
The organisations subject to the audit of the Comptroller and Auditor General of India are:-
All the Union and State Government departments and offices including the Indian Railways and Posts and Telecommunications.
-
About 1500 public commercial enterprises controlled by the Union and State governments, i.e. government companies and corporations.
-
Around 400 non-commercial autonomous bodies and authorities owned or controlled by the Union or the States.
-
Over 4400 authorities and bodies substantially financed from Union or State revenues
Source: https://cag.gov.in/
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