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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases
 How RBI dealt with the crisis amid tensions with FinMin
 Pay tax on this PF account withdrawal Income tax return (ITR) filinga
 Seeks to make amendments (Ninth Amendment, 2018) to the CGST Rules, 2017.
 How govt is dealing with tax evasion, corporate fraud
 How to check income tax return (ITR) status
 Second instalment of advance tax due on 15 September
 Missed the deadline for filing India ITR? Here is what you can do
 Last date for filing GST annual return is December 31
 How insurance policies help you save tax
  How to check your status online Income tax refund

RBI will name statutory auditors for PSU banks this year too
December, 13th 2007
The Reserve Bank of India will continue to appoint statutory auditors for public sector banks for the current fiscal year and held discussions recently with the Institute of Chartered Accountants of India (ICAI).

There were some doubts about empanelling of statutory auditors this year as some banks have been demanding autonomy in the appointments. In our recent meeting with the RBI officials, it has been finalised that the apex bank will continue the earlier practice of appointing statutory auditors for the current year as well, Mr Sunil Talati, President, ICAI, told Business Line here recently.

Generally, the ICAI would send a list of CAs to the RBI to be appointed as statutory auditors. The RBI would in turn send a list to the PSUs from which they can appoint statutory auditors. However, for the last two years, some banks feel that this is against the principle of autonomy, Mr Talati said. The ICAI has already indicated to its members that this practice might not continue. There is no guarantee that this practice will be continued in future, Mr Talati said.

Mixed opinions

On the merits of the systems, Mr Talati said it had both advantages and disadvantages. From a CAs point of view, it augurs well for their practice.

There are mixed opinions among the bankers. We have now complete autonomy in appointing internal auditors. But when a statutory auditor is appointed by the RBI, he would come with a mandate and an air of superiority, a senior official of Andhra Bank said.

However, Mr Amitabha Guha, Managing Director, State Bank of Hyderabad, said the system was functioning well. The RBI selects the auditors after a vigorous screening and a bank can always go back to it if it has any objections in accepting a particular auditor. Why to disturb the system when it is functioning well? he questioned.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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