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Friday, January 25, 2013

Increase in advance limit of branches of PSU Bank to be audited for FY 2012-13

News about Bank Branch Audit (PSU) for Fy 2012-13

Today past presidenent ICAI CA.Amarjit Chopra informed that,
List of various firms to be allotted statutory branch auditors by banks has been forwarded to banks by RBI yesterday with threshold limit as 20 crores.Number of branch audits to come down drastically

Further, I've talk to couple of Council members in this regard. They have also confirmed this news.
The news was known to Council members before 20 days. However, we became aware about this only because of communication from CA.Amarjit Chopra.
It was learnt that, the matter is went too much ahead now, as the list were already forwarded by RBI.
The Council members are trying to reduce the limit as it was successfully done last year.
However, this time its too much late and there are very less possibilities to change/reverse this decision.


Regards,
-------
CA.C.V.PAWAR
0253-2319641. M-9423961209

30 comments:

  1. very disappointing news

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    Replies
    1. What we can do -- small practioners like us suffer

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  2. If there is a reduction in the number of branches -
    -- does it mean that those whose term of 4 years expired shall not get fresh offer from other banks
    ---presently the panel of any particular bank include few category 1 , more category ii , category iii more than ii and larger no of category iv audit firms - will there be a reshuffle adversly affecting category iv firms ( note that these firms have given irrevocable undertaking )

    Kindly let us know your views on the above

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  3. To ALL my CA Friends:

    ABOUT BANK BRANCH AUDITS.

    I WANT TO KNOW THE VIEWS OF OUR SITTING & JUST ELECTED CENTRAL COUNCIL MEMBERS:

    I assume that all the Central Council Members-ELECT and all the Regional Council members-ELECT are in complete knowledge of sensitivity of issue of Empanelment & Allotment of Bank Branch Audits.

    Recently, I learned from some of my CA Friends that the thresh hold for current year PSU Bank Branches to be audited is fixed at Rs. 20 CR. and the same seems to have been accepted by our Sitting Council as well as all the Council Members-Elect, both at regional and central level. I do not have any issue with that, as it is the decision taken by other authorities and not ICAI.

    My suggestions in the matter are:

    All the firms in which an Elected Central/ Regional Council member is a Partner or a full time Employee or an Associate should voluntarily withdraw from the Panel to ensure the advantage reaching to Small Firms and Young Chartered Accountants.

    All the Firms having more than 10 partners OR all the Firms having Turnover in excess of Rs. 2 CR. should not be considered for such Allotment other than Central Statutory Audit of a PSU bank.[MY FIRM WOULD DISQUALIFY]

    The definition of Categories may be changed in such a way that small firms & Young CAs get maximum allotment.

    I WOULD LIKE to have response from those who showed MOON to members during Election Campaign.

    CA. DURGESH BUCH.

    ReplyDelete
    Replies
    1. Very disappointing news.We r silent observers.

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    2. I REQUEST ALL THE MEMBERS TO NOT TO VOTE ANY OF THE EXISTING COUNCIL MEMBERS OR THEIR SUPPOTERS/ ASSOCIATS IN ANY BRANCH/REGIONAL/OTHER ELECTIONS AND ALSO ASK HARSH QUESTIONS WHEN WE MEET THEM.

      ORDINARY CA

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    3. ITS RIGHT SIR......
      I LIKE YOUR THIS OPINION.

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    4. I Fully agree with your opinion.... But it is a truth that no one thinks about profession...

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  4. whats the final position now will category 4 get work or not?

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  5. dont waste time for waiting branch audit EMAIL or POSTMAIL..its confirm the limit of 20cr and in next yr 50cr and thereafter 100 cr after that only head office book will be audited..

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  6. Threshold limit is a threat as well as limitation to practitioners who are majority in point of number and have to be satisfied to be in the panel of a microscopic minority.

    The path of survival, experience apart, is the path of combination and isolation is the road to destitution.

    Walls of democracy have been knocked down over night keeping the majority to be content with their absolute voting right.

    From : A member in practice for more than four decades.

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  7. As per the information provided by Central Statutory Auditor of one of Nationalised Banks, the allotments are expected to be made within next 10-15 days. Category II, III & V firms will received 1-2 branches and Category 1 firms will receive 2-3 branches.

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    Replies
    1. all firms empanelled with rbi will get the audit?

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  8. CA. RAKESH KUMAR GUPTAMarch 12, 2013 at 6:42 PM

    From where one can view the bank wise list of various firms to be allotted statutory branch auditors by banks already forwarded to banks by RBI in January'2013

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  9. Appointment letter received...

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  10. how to check the status?

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  11. Why should RBI fix the parameter based on advance. What about deposit branch? Why should nobody ask question about deposit, and major loss of small branches, RBI fix the base norms based on Deposit, Advances and Loss compartive for previous two years.

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  12. Mr. S Senthilraj
    Very simple! RBI is concerned on advances becuase it is bank money. It is not concerned on deposits because it is public money.

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  13. Any one recd appointment letter?

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  14. I got 2 branches- One is above 20 Cr.and another below 20 Cr.My category is IV.I am not disclosing name of the Bank.

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  15. Is there any way to find whether firm is under cooling period or not

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  16. When will be RBI host the list of SBA for 2012-13

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  17. http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=1965

    List of SBA allotment of all Banks

    ReplyDelete
    Replies
    1. the above link is not available at rbi web...?

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    2. Copy and paste the link on your web browser.Then click go.Link is working

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