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: due date for vat payment :: VAT RATES :: form 3cd :: ACCOUNTING STANDARDS :: VAT Audit :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt
 
 
ICAI »
 Implementation of Revised Scheme of Education and Training for CA Course w.e.f. 1st July, 2017.
 Admit Cards : CPT June 2017 Examination
 Announcement for next examination of Certificate course on Forex & Treasury Management on 8th and 9th July, 2017.
 Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2017
 Formation of a Group for Reviewing the Decision Regarding Noting of Change in Constitution on Account of Leaving of Partner of Firm and Allied Issues.
  Three Days Intensive Class Room Training for IBBI - Limited Insolvency Examinations in two batches at Chennai. Batch-1: 2nd to 4th June, 2017; Batch 2-23rd to 25th June, 2017
 Announcement on Advertising by members in practice engaged in Coaching/Teaching Activities
 Constitution of Group related to all issues of Bank Audit including reduction in SCAs Cooling Period, distribution of Bank Branch Audit
 Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 9
 Announcement - For the attention of candidates appearing in CA exams at exam centres in Tamil Nadu.

ICAI to meet FM on bank branch audit in Sept
August, 30th 2012

The Institute of Chartered Accountants of India (ICAI) will meet Union finance minister P Chidambaram on retaining the current advance limit of bank branches for independent audit.

"We will meet the finance minister and make a representation to retain the current Rs 6 crore limit of advance by a branch for an independent audit on bank branch audit among some other issues," ICAI president Jaydeep N Shah said here today on the sidelines of institute's regional conference.

A committee comprising officials of the RBI and the ministry of finance had proposed increasing the minimum advance limit for the PSU bank branches eligible for independent audits from Rs 6 crore to Rs 20 crore from 2012-13. Shah said currently around 85% of the bank branches come under the independent audit ambit. "If the limit is increased to Rs 20 crore, then huge number of branches come out of the audit," he said.

Since 2006 to FY2011, the statutory audit limit was Rs 3 crore and in 2011-12 the limit was raised to Rs 6 crore. When asked about concern raised about expenditure by PSU banks for the independent audit, Shah said of the total bank advance of Rs 44 lakh crore the total audit fees is between Rs 300 and 400 crore. Meanwhile, Shah said Government Accounting Standard Advisory Board in which ICAI is also a member was working satisfactorily in preparing accounting standards to switch to double entry and accrual system of accounting for all central and state government accounting.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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