Advisory on Bank Audit:Donot give consent to multiple Banks or srtick action

Allocation of Banks to CA Firms for Statutory Audit - Multiple Consent given by CA Firms - (07-08-2014)

ALLOCATION OF BANKS TO CA FIRMS FOR STATUTORY AUDIT - MULTIPLE CONSENT GIVEN BY CA FIRMS It has come to the knowledge of ICAI that many CA firms have been giving consent to multiple banks when they are approached by Public Sector Banks (PSBs) for Statutory Branch Audit, which has been seriously objected by RBI since it violates the guidelines in the matter, available at http://rbi.org.in/scripts/bs_viewcontent.aspx?Id=946 Members are therefore, advised to refrain from giving consent to multiple Public Sector Banks for the Statutory Branch Audit in future so as to avoid the issue which may also lead to even not considering the name of such firms by any of the PSBs.