This has reference to emails being received by the Institute about the
Finance Ministry’s latest circular dated 26th September, 2012 containing
general guiding principles on Internal Audit, Information System,
Concurrent and Branch Statutory Audit to be followed by all the PSBs
suitably. The purpose of sending this mail is to update and set the
records straight to the effect that while every member of profession is
free to
express one’s views on any professional matter, however, same is
required to be based on facts and as per records. Circulation of
motivated information with a view to mislead the professional brethren
and to gain personal mileage is not expected from any member of the
Institute. The fact of the matter in bank audit is that the Council of
the Institute, as in the past, has always been earnestly taking up the
cause of the profession with authorities at various levels especially
the bank branch audit related matters and in this regard, I have already
apprised you of all the various steps taken by the Institute to protect
the interests of members on bank branch audit, vis-a-vis, concurrent
audit. As you are aware, the concerted efforts taken last year in the
matter has led to fixation of limit of bank branch statutory audit at
advance level of Rs.6 crores and above (as against the rumoured level of
advance Rs.20 crores) and 1/3rd in case of branches with of advance
level of less than Rs.6 crore.
It has also been our past experience that during election period,
misleading and biased misinformation campaign is resorted to. My
sincere appeal to professional brothers is not to get perturbed by such
rumors but to wait for the fruits of the sincere efforts being taken by
the Institute for which I shall keep you posted of the developments from
time to time.