ICAI clarification regarding news on Bank Branch Audit Limit.
June, 14th 2013
The Institute of chartered Accountants of india (ICAI) wold like to clarify that the present limit for statutory Bank Branch Audit is still Rs.20 crore (of advances) and not Rs. 50 crore as being erroneously reported in some sections of the media. this is tp inform that concertes and strategized efforts are being made to convince the Government to reduce the limit to Rs. 6 crore, in public interest.