Bank Audit - Real Story

Let me tell you real story of abolishment of Bank Audit and real Hero's behind it.

As per sources RBI was always interested in getting accounts of Private Sector Banks also being audited by Chartered Accountants on Branch Basis as its done in case of nationalised banks.

It all started way back 9 years before, when our Honb'l President and Committee assented for audit of Private Banks to be done by single firm and in return for this kind gesture everyone in committee was awarded audits of Private Banks.

That was the only mistake committed by committee at that moment when real honesty of CA was revealed in front of RBI.

Then a year or so later there was an incident with Chairman of on nationalized bank might be PNB and Central Auditor which tarnished image of CA and unfortunately present Governor of RBI is that past chairmen.

Now everyone must understand why present governor is so much affectionate to us.

Mr. Amresh Vashisth will definately shower some light on all what is mentioned above.

Then SBI Tax Audit disaster took place due to which they were under heavy penalty for non compliance of

TDS issues on branch level. Now this was due to negligence of auditors and its outcome shivered none other then CA's by abolishment of tax audit for them in audit of SBI branches. Then our delegates had bargained tax audits back to us on less fees i.e perfect example of undercutting.... and what a disgrace to profession... well there after whole game started:-

1. SBI agrumented RBI about negligence in duty. ICAI remained silent.

2. RBI informally threatened ICAI. ICAI didnt bothered.

3. SBI and other banks questioned about huge fees burden and no advantage. ICAI like PM remained silent.

4. Then after a lot of hue and cry autonomy to banks was awarded - Scripted and Designed by Uttam Agarwal and team.

5. Then in second phase complete role out of audit- designed by Mr. Arora, Nanda and whole C/C team except Mr Holani, Mr Adukia and Mr Hiregange as informed

6. Whole event is designed in phases to give full support to Council Members and to kill SMP.

As informed Mr. Nanda and all leading C/C members are actively participated in it.

Whole event reproduced above is on the basis of information received by me from a source.

Before passing it on or relying on it I request you all to kindly conform genuinety of facts and i call upon all those who possess some information to show some light on above mentioned facts.

Awakened- Vansh Mehrotra