S b a 2016

Latest communication of RBI regarding procedure for Appointment of Statutory Branch Auditors of Nationalised Bank states that even continuing auditors (those who have not completed four years term) also needs to give their consent. Any idea as to when this procedure will start so that continuing auditors can also give their consent within stipulated time? It is observed that whenever new branch auditors are appointed, very less time is given for CA Firm to give their consent. This time procedure for appointment has started in time. Hopefully Allotment of Branches will also be on time!

Getting consent from the continuing auditors is the usual procedure.  One of the instance may be, if the continuing auditor has obtained any loan from that bank he can not accept the offer.  The latest MEF does not contain any details in this regard comparing with the last year application.  Hence, it is compelsory to get consent from the continuing auditors also.  I hope these procedures may start in the first week of March.

Draft Panel is not finalised yet by ICAI  , it seems     January 18th was the date for submission of  greviances

When Auditors are eager to grab oppurtunities why lees time given for acceptance should bother 

Now final panel has been sent to RBI on 18th Jan as per news,what is the status of lists sent to PSB's for selection of auditors.

Any Statistics available regarding categorywise total number of Audit Firms emapaneled as per MEF for 2015-16 (Category I, II, III, IV). Also any Statistics available regarding total number of branches of Nationalised Banks likely to be audited for year ending 31/3/2016 (All Branches with advance of Rs. 20 Crores and above and 1/5th of other branches)

          From the discussion i had with local CA's it is said that nearly 16000 eligible members or CA firm are empaneled as per MEF and are entitled to do statutory branch audit of nationalised bank. Further it is estimated that nearly 45000 branches of nationalised banks are due for statutory audit for year ending 31-03-2016 ( Branches above 20 crores advances and 1/5 of remaining branches). Is it correct. Any one wants to comments on this.

SIR I THINK IT IS NOT CORRECT THAT NO OF CA FIRMS ELIGIBLE 16000 AS MEF HAS BEEN FILLED BY MORE THAN 65000 

We had already provided the correct statistics of Audit Firms / Auditors  who were  able to get  Bank Audits  either as SBA or  SCA  for the year 2015 March ended    All the 25  Public sector banks  put together had 129  SCAs and  14851 SBAs. That was the demand last year  irrespective of eligible firms 

This is not going to vary substantially ( say for instance 5%) . To absorb  5 %  increase    there has to be  1500 to 2000  additional  branches  all over India  

The Actual Figures

Source : Meficai

Ya  Mr.Suresh - Good  compilation. Now 29 339  eligible firms are there . The demand is  around 15000     It means almost 50% of the eligibles are rested or not otherwise allotted.     

Any news as to wether MEF has been submitted to respective Nationalised Banks. When procedure for inducting new auditors for first time (in place of those  who have completed 4yrs of term ) will start.

ANY NEWS WHETHER PENAL SENT TO RBI OR NOT

Please find attached the draft list of eligible firms/individual members with their category and name of the centre. The info. is based on the Draft Bank Branch Auditors' Panel and the Declarations by the firms/members to ICAI.