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 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

Govt seeks audit of all branches
November, 18th 2009

Wants details of high-value transactions.

Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for large deposits that have gone unreported.

The Income Tax Department, during a probe into alleged money-laundering by former Jharkhand chief minister Madhu Koda, had stumbled on a bank account at one of UBI's branches in Zaveri Bazaar in Mumbai, where approximately Rs 214 crore had been deposited in cash between January 5 and March 30, 2007.

"Not taking cognizance of transactions of such serious nature by you and non-reporting (of these) could have serious implications for the country. It is likely that your branches all over the country might be having many more such accounts with whopping cash deposits therein which have gone unreported," a letter to UBI Chairman and Managing Director M V Nair said.

The I-T Department, which summoned Nair, said the bank did not furnish details of cash transactions worth more than Rs 10 lakh at the Zaveri Bazaar branch in Mumbai by Balaji Bullion Corporation and Balaji Bullion Bazar, two companies alleged to have helped Koda.

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