Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

Auditors wary of appointment leeway
September, 19th 2006
Banks allowed to appoint statutory auditors without Reserve Bank of India approval. The governments decision to allow chairmen of public sector banks the freedom to appoint statutory auditors without approvals from the Reserve Bank of India (RBI) has led to chaos. Statutory auditors have expressed to the RBI their unwillingness to be engaged directly by the banks and have also accordingly made a representation to the government seeking a review. Also, some public sector banks have declined to enjoy the freedom and want to continue to avail of the services of the auditors empanelled by the the RBI. Since this requires the RBI to continue with the practice of selecting a panel of auditors, the banking regulator has written to the finance ministry for clarifications. The confusion has delayed finalisation of the new panel of auditors for auditing public sector banks accounts in the current financial year. Some are of the view that the stalemate may result in PSBs being forced to get their financial statements for the half year ending September 30 audited by the old panel of auditors. According to sources, auditors fear doing away with the practice of RBI maintaining a panel of auditors might lead to a conflict of interest. They felt that audit firms might lose their freedom in recording their qualifications if they are chosen by chairmen of PSBs themselves. Auditing financial statements of banks has become risky following blanket ban on PricewaterhouseCoopers. The firm has been debarred from auditing banks and non-banking finance companies after the RBI found some discrepancies in the financial statements of the erstwhile Global Trust Bank. RBI had stated that the audit firm had understated the non-performing assets (NPAs) of the bank. However, the firm later made a representation to the RBI saying the NPAs of the bank were clearly stated in the annual report.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting