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ICAI - Important Announcement for Bank Branch Auditors: 2008-09
March, 21st 2009

We invite members attention to announcement, Complaint regarding Bank Branch Audit Allotment 2008-09 hosted on the website on 16th March, 2009 requesting members to inform us in case they have not been allotted the bank branch audit this year despite the fact that they have been continuing auditors since 2004-05.
 
In response to the aforesaid announcement, large number of complaints have been received by us. We wish to reiterate that our intention was to invite the complaints only and only from those firms/members which have not completed 4/5 years cycle from the date of initial appointment i.e. 2004-05. However, it is observed that members have lodged complaints even in respect of matters which are not at all related to this particular fact.

In view of the above, it is hereby advised that members should wait till 27th March, 2009 by which time, the final allotment letters would have been issued by all banks. Thereafter, we propose to take the remedial action in respect of complaints received after 27th March, 2009. As a matter of abundant caution, we may also clarify that any remedial action in this matter shall mitigate the hardship caused to the firm/members only in respect of allotment in future period because the audit allotment for the current year would be over by then. We may further clarify that number of firms/members which are being allotted branch audits this year, is not likely to be less than the number of firms/members allotted branch audits last year.

 
 
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