Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: TDS :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: VAT Audit :: due date for vat payment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
« News Headlines »
 6 important income tax rules for individuals which will change from April 1, 2017
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return

ICAI - Changes to the current accounting practices in commercial banks
October, 05th 2010

The Institute of Chartered Accountants of India (ICAI), the national standard setting body of auditors, has proposed comprehensive changes to the current accounting practices in commercial banks to make bank audits foolproof and effective.

The auditing restructure will imbibe the spirit of banking regulator Reserve Bank of Indias (RBIs) Know Your Customer (KYC) principles and help check financial frauds, identify money laundering and suspicious activities and scrutinise large cash transactions.

The proposed changes had been submitted to the Indian Banks Association, Amarjit Chopra, president of ICAI said.

Currently, the auditors are bogged down by routine auditing requirements and are unable to be vigilant against possible frauds. Once the audit requirements are restructured and re-prioritised, auditors can ensure compliance level with credit dispersal and take care of overdue bills, payments etc, Chopra said.

The apex bank has been stressing on KYC guidelines to safeguard banks from being used for the transfer or deposit of money from suspicious origins.

The new system, if approved, will allow auditors to ensure even the authenticity of customer identification methods followed by banks.

Under KYC norms, banks are required to issue travelers cheques, demand drafts, mail transfers and telegraphic transfers of Rs 50,000 and above only by debit to customers accounts or against cheques. Similarly, banks are required to keep a close watch on cash withdrawals and deposits of Rs 10,00,000 and above and maintain proper records of such transactions.

RBIs KYC guidelines talk about the establishment of internal control systems, checks against terrorism finance, need for periodic, independent evaluation of such controls and adherence to the Foreign Contribution Regulation Act.

According to Chopra, the new responsibilities will also see that auditors are eligible for much higher fee than what they charge on Monday.

The fee levels in concurrent audit (in banks) are abnormally low keeping in view the stipulations in the agreement. The revised proposal will definitely lead to prioritising those work requirements and also set a minimum fee structure.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions