President ICAI advocated Rs . 20.00 Crore limit for next year Bank Audit

FROM A MEMBER FROM JAMMU

Dear All,


Yesterday, respected President of our institute along with CA CJS Nanda ji was
present in Jammu. President sir clearly told that this time limit for
branch audit will be 20 crores because earlier limit of 3 crores was set almost 6 years ago, hence this increase is very much due. Hence this
year limit will be 20 cr.
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SHOCKING !!!!!!!

The working of the council to impress upon the RBI is highly objectionable. It clearly shows that they were agreed to Govt. plan of appointing a committee and to get their choice recommendations for appointment of Branch Bank Auditors.In the recent past from the RBI side, there were only two issues in which the ICAI has made two representation to RBI through the office of President. One is about prevailing norm for appointment of Statutory Auditor after
resigning as internal auditor saying it as practice effecting Independence and against the
Code of Ethics. Another matter of concern is of auditing private & foreign
Banks simultaneously while SCA can't go for such audits .As per them this is a clear
disparity in the appointing conditions.They are demanding that SCA should also be eligible to two additional Audits I.e One of a Private Bank and one of a Foreign bank. They are so much concered about 300 SCA firms but whats about the 25000 category II, III & IV firms.I failed to understand why The President office has not taken the cause of Branch Auditors with the RBI as well as with the finance ministry? There is a change in the finance ministry also and this should be taken as opportunity to revive the issue.


I am really shocked and depressed by the version of the President. If they have already agreed to it with RBI then why PDC hosted this drama of MEF form. Why there is an extension of filing the dates for forms by Category II, III & IV firms?As per my knowledge there is a Working
Group of the PDC by a name "Revision in the norms for empanelment of Statutory
Auditors and Other Issues Related to Appointment of Auditors in Public Sector
Banks". This working group keeps in touch with the RBI and there are having regular
meetings of this group with RBI.If i am not wrong the last two meeting happened on 25th April and 7th May,
2012. If it was in their knowledge Why didn't they mentioned in the MEF form ?

The working of the this group be made public so that we can assess a situation where our PDC stand. There are a series of seminars in NIRC ( Against the norms) only. Why the President is allowing such seminars which are nothing just fulfilling the purpose of electioneering ? In none of the seminar the chairman disclose such developments. If this is true then certainly i would like to rename the Committee as Professional Destruction Committee.


CA AMRESH VASHISHT, FCA, LLB,DISA(ICAI)
Member,ICAI Committee For DIRECT TAXES 2011-12
Member,ICAI Committee For Capacity Building of CA Firms 2010-11
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