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: TDS :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: form 3cd
 
 
« News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

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 2016 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