Bank Branch Statutory Audit 2011-12/ Bank Branch Audit Allotment 2012
Only nationalized banks having advances above Rs.20 crores and above will be subject to statutory bank branch audit.
And 1/5th of remaining could be new allocation for bank branch audit.
**The final communication in this regard is awaited from RBI.
Initial limit proposed was 100 crores and above. The decreased in limit is as a result of effort made by Institute.
Only nationalized banks having advances above Rs.20 crores and above will be subject to statutory bank branch audit.
And 1/5th of remaining could be new allocation for bank branch audit.
**The final communication in this regard is awaited from RBI.
Initial limit proposed was 100 crores and above. The decreased in limit is as a result of effort made by Institute.
Regards,
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CA.C.V.PAWAR
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CA.C.V.PAWAR
Any circular released for the same ....
ReplyDeleteSir
ReplyDeleteDid it means that 20% of the rest branches not liable for audit ( having advances of less than 20 crores) will be under audit.
Sir any update news on bank audit ?
ReplyDeleteExpecting soon; its already too much delayed.
ReplyDeleteSir ours is category II firm and in under rotation ,what will be the proceedure for appointment.
ReplyDeleteIf your firm is already on the panel of some bank; then same will continue upto four year. There are great possibility to receive allotment to category I & II firms.
ReplyDeleteIf your firm is not empaneled last year on any bank; its on banks discretion to appoint you.
sir,
ReplyDeleteon which criteria they mentioned that branches having advances 20 cr (eariler 100 cr) not required to audit...
when common man interest involved in said bank branches also..
Sir pls update me about the Bank audit 2011-12,whether rbi has sent the list of auditors to banks,any firm has received any offer mail or call from any bank ?
ReplyDeletePankaji, no final and formal communication has been made by RBI in this regard. Further, I've not heard about the any email or call received from Banks.
ReplyDeletepawar g
ReplyDeleteplz give just estimate that if rbi pass the notification that only bank branches having advances above 20 crore get statutory audit & balance only 1/5th will get statutory audit,
then wt percantage of bank branches will not required to audit. How many branches (in no's) will reguired to get statutory audit.
&
whether rbi also planning to resitrict to allote branches to single audit firm upto 2 bank branch per audit firm ( at present 3 bank branches per audit firm)
ca. vikrant Bansal
ca.vikrantbansal@gmail.com
9814900802
Dear Vikrant Ji,
ReplyDeleteI'm not having these statistics.
Hello sir i have an news that RBI has sent the list to banks,but stopping banks for allotment.Pls Comment
ReplyDeleteFirms being alloted the Statutory Bank Branch audit should be debarred for concurrent audit of any bank . This will bring parity of professional work among CAs and qualitative improvement in nature of work, which is suffered due to overload of influential CA firms who disregard the Interest of small firms.
ReplyDeleteArun Kumar CA
Still no News
ReplyDeletePlease provide the status sir
Lalwani ji,
ReplyDeleteNo further updates.
But in any case the same shall be finalized before 15th March.
Sir, Any updates pls. The delay is really causing much anxiety to small and medium sized CA firms.
ReplyDeleteAny significant change in policy may kill the Profession altogether.
CA Krishna Kumar C
There was an emergency meeting with RBI today and also executive meeting was conducted within ICAI. very special person's blog says president's march 12 journal message is also ready with positive words....
ReplyDeleteHello sir
ReplyDeletePls give some update on Bank audit 2011-12,Whether RBI has sent the list of auditors to banks or not,What is the advance limit set by RBI.Pls update
Thanx
Pankaji,
ReplyDeleteThe list are already with the banks. However, the banks are waiting for policy decision of RBI in relation to the branches which are required to be audited.
res'ble pawar g
ReplyDeleteif rbi or finace mistry r not interested to reduced the advance limit below 20 cr, then wt will the stand of icai ?
whether icai will accept the decision ?
or
whether icai will oppose the decision with keeping in mind that all the members are with icai category I,II, III & IV. ( i think all member will support the icai) ?
will allotment of audit to all category of CA. CA Man Mohan Singh
ReplyDeleteI think 2011-12 is last year of branch audit. next year only central auditor will be appointed.
ReplyDeleteDear All,
ReplyDeleteas mentioned earlier the final decision expected to be taken in same line as stated.
Further, the audit allotments will continue upto 4th year, if the firm was allotted audit last year.
And allotments of audit to category VI to I will defer from bank to bank.
pawar g,
ReplyDeletei have read someone blog that Government has already accepted the necessity for more audit of bank branches & The news of revival of old allotment pattern is likely before Holi..
IS IT TURE ???
link of blog below :
http://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/message/90663
Dear All,
ReplyDeleteAny update on Bank Branch Audit allotment for 2011-12?
plz check link
DeleteThe news of revival of old allotment pattern is likely before Holi
http://finance.groups.yahoo.com/group/ICAI_CIRC_MEERUT_CA/message/90658
This comment has been removed by a blog administrator.
ReplyDeleteDear All,
ReplyDeleteThe President ICAI has reiterated the same as stated in the blog while addressing at Branch Co-ordination meeting of WIRC at Mumbai on 3rd March, 2012. However, the institute is still trying hard to either postpone this policy by a year or for limit above 10 Crores.
Still there is no confirm news from either RBI or Institute which clearly indicates that there is no hope for bank branch audit now on wards.
ReplyDeleteany further update ??????
ReplyDeleteSir,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 confirmed.
ReplyDeletePls comment
yesterday dated 07/03/2012,
ReplyDeletethere 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"
pawar g...
ReplyDeleteupdate any futher news
It has come to my knowledge from some reliable source that the meeting of ICAI with Finance Minister has failed and they have told to icai that we cant do anything in this matter. I think limit of Rs.20 cr. will be finalised.
ReplyDeleteDear All,
ReplyDeleteAs per latest updates; the RBI has not yet made any formal communication in relation to bank branch audit allotment.
Further, the finance ministry has not taken any decision or given any formal response in this regard.
If RBI does not make any announcement by 15th March, the bank would do the allotment as per the OLD Policy i.e. above Rs.3 cr all branches and below Rs.3 cr 1/5 of the branches.
Regards,
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CA.C.V.PAWAR
0253-2319641. M-9423961209
I REQUEST ALL THE ICAI MEMBERS TO TEACH A GOOD LESSON TO ALL THE PRESENT CENTRAL COUNCIL MEMBERS BY VOTING AGAINST THEM IN THE COMING CC ELECTIONS. BECAUSE THESE GUYS HAVE FAILED IN PERFORMANCE OF THEIR DUTIES. THEY COULD NOT EXPAND AREAS FOR CA PRACTICE AND THAT ONE AREA CALLED BANK AUDIT IS ALSO GETTING REDUCED. CA FINAL RESULT IN PERCENATAGE TERM IS EVER HIGHEST WITH NO POLICY TO EMPLOY THEM WITH REASONABLE SALARY. CP HOUR FEES, PEER REVIEW FEES, MEMBERSHIP & CP FEES, STUDENTS FEES, GMCS FEES EVERYTHING THEY HAVE INCREASED MANY FOLDS BUT FAILED TO GET PROFESSIONAL FEES OR OPPORTUNITIES INCREASED...
ReplyDeleteINFACT, THESE CC MEMBERS BY THEIR STTING WITH MINISTRY AND GOVT OFFICIALS, BITE OUR SHARE OF AUDIT BIG GOVT AUDITS AS WELL...
SO TEACH THEM A LESSON AND DONT LET ANY EXISTING CC MEMBER BE ELECTED... (SABKI JAMANAT JABAT HO JAWEGI, TAB AKAL AAYEGI.... HAMAARI TARAH EK EK AUDIT KE LIYE PASINA BAHAYENGE TO AATE DAAL KA BHAAV MALUM HO JAYEGA
Agree, We are all with U.
DeleteLet all these CC Members be defeated in upcoming CC Elections
Dear Anonymous (March 13, 2012 02:40 AM)
ReplyDeleteI also agree with you, and I assure You that atleast I with my partners, will surely not vote for any CC Member.
Please spread this message to as many CAs as possible.
Let these CC members also do private practice at par with other ordinary members.
Regards,
CA Sunil Agarwal
If they can't provide professional works to the smaller firms/newly Chartered Accountant than what is the use of those so called leaders.
ReplyDeleteI will request all of you to not to allow these so called cc members win the next cc election
DeletePawarji any news for allotment? what you have to say for the reaction of our members as you can see from last three to four comments
ReplyDeleteOTHER PROFESSIONALS THEY FIGHT UNDER ONE... WE i.e DOES NOT ACCEPT ANY AUDIT UNDER RBI.. CENTRAL AUDIT. BRANCH AUDIT ABOVE 20 CRORES LEVEL AND ALL OTHER AUDIT.
ReplyDeleteTHEN WE TOTALLY BOYCOT TO INCOME TAX REPRESENTATIONS UNTIL THE GOVT. TAKE A POSITIVE DECISION.
There are lot of scope of auditing in India, But ICAI is not approching seriourly regarding these work, I will request to ICAI to approach to work for practising chartered accountant work.
ReplyDelete1. There should be at Least one CA as auditor in one bank for whole year and there should not be any limitation of advances or whatever. but CA should provide quality of services.
2. In every education department should be a CA as auditor for whole year and same CA should provide quality of services.
Such think can be possible many of departments as such income tax, sales tax, hopitals, negams. Even a CA can perform good work in the investigation and vigilance work.
CA Ram Avtar Sharma
9416629773.