Mr. Ravi,  you should not ask these kind of embarazing questions. Otherwise you will not be allotted with branch audit.  It is well known fact that the banks are always indulging in window dressing.  We as auditors, barking like dogs for so many years, that many accounts are bad particularly the agri advances.  But nobody bothered about our warning but increased the advance limit in such a way that so many branches escaped from compulsory statutory audit.  Now they are hearing the music.   The BOB  posted highest quarter loss of Rs. 3342 crores and increase of provisions by five times.  How it is possible in a single quarter?  The RBI should bring in all the branches under stautory audit including that of private banks otherwise we have to expect some more bad news.  This higher provisions are mostly due to loss in corporate advances.  I am not sure about the banks have made correct provisions on Agri advances or not.  If not, this slide may continue further after couple of years.  Oh..God..  save banks in India.

mef site is now showing bank branch auditors panel in the place of draft panel. i think RBI has acnowledged ICAI panel which was not the case last year.

also the list of central statutory auditor for 2015-16 is available on RBI site since second week of janaury. i think everything is inplace this year as compared to last year.

It is a bank branch auditors panel and a finalised one.  No more corrections.  But there is nothing to say that the RBI has received the list of auditors.  Due to spurt in announcement of Q3 losses by banks, I think we may expect that there may be some changes in the audit allotment procedures and more branches may come under audit.  This is purely my view.

 

Absolutely

I totally agree with CA Mr Sathianarayananji that there might be changes in the allotment procedures and more branch might come under the Audit and accordingly we have to be more caustious then earlier.

 

Absolutely

I agree with CA Mr Ssathianarayananji that Allotment procedure might change and more branch might come under the Audit Criteria

One more point which drawing attention is that in the revised norms for appointment it has been mentioned that Proprietorship conern are eligible and at par with partnership if they have one paid CA.

So does it mean that proprietorship firm without CA employee are not eligible?

Read more at: /forum/details.asp?mod_id=334421&offset=5#reply

As per statistics made available for year ending 31-3-2015 there were 14849 statutory bank branch auditors doing audit of roughly 43000 branches . This year we may have 16500 statutory branch auditors doing about 52000 branch audits. This means only 4000 new auditors will be given audits. This means replacement in case of those who have completed four year of their terms and new branches identified for audit. Howerver as per reports appearing in media regarding whopping increase in NPA no of branches to be audited will be increased suitably. It was on the instance of the bank management lobby that limit of advances was increased from nil to Rs6 croes and thereafter to Rs 20 crores. Recent notification of RBI states that this limit of advances will be further increased suitably over a period of time. It is turn of ICAI now to impress upon the government that audit of all branches be made mandatory in order to safeguard interest of all stakeholders. Futher it should be brought to the notice of RBI that only loan & advances limit should not be basis for audit. Infact audit should be based on overall business of the branch ( i.e deposit plus advances). Hope this will be done at an earliest. Let all of us be ready to perform our duties efficiently. Hope this year audit allotment will be in time and we have sufficient time to complete our audit.

Hello friends

pls update the status of auditor panel sent to RBI,when will appointment start for new auditors.

It is learnt from realiable sources that procedure for appointment of new auditor of public sector bank will commence from last week of FEB. Generally this is done through email or telephone. Time limit given for acceptance is just one or two days. So everyone has to be alert. This year even continueing auditors have to give their consent every year.

Very much impressed to see that ICAI openly blaming present system of appointing statutory auditors of the bank by the management and telling that same is responsible for rise in NPA levals to alaraming level. For almost last 5 years management lobby of all nationalise bank was responsible for change in procedure of appointment of statutory auditors of public sector bank. This matter has to be very seriously impressed upon RBI by our newly central council members. Time is just right and almost all stake holders are with us we have to take this issue on priority. Hope it will be addressed in right spirit by our central council members and very positive out cum will come shortly.

It is great to see that at least now we have a president who openly criticise the audit allotment procedure.  Why his predicsors kept quiet.  Reddy has impressed by his interview to the press.  Visit this link. https://www.moneycontrol.com/news/economy/icai-says-banks-selecting-own-auditors-behind-npa-mess_5524281.H T M L

Friends any news whether Panel is with PSB's or not

last year new auditors were contacted on 6th of march this year also it is expected to start at same time.

Last year procedure for appointment of new bank branch auditor of public sector bank had started on 6th march 2015. Hopefully this year this procedure will start bit early by 1st March 2016. Time given for acceptance of appointment is very short in many cases not more than 1 day. Morever this offer is generally communicated over telephone or through e mail. So we all have to be very alert all these days. This year onwards even continuing auditors have to give their consent on yearly basis.

Every year the continuing auditor also has to give his consent.  It is not new for this year only.   Most of the banks contacts the auditor over land line phone.  Hence if your land line is fault or not in working condition,  rectify it and keep it ready.

Sir any update, regarding the finalpanel ?