« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  SC issues notices to I-T in Morgan BPO case... Advance tax collection to be higher in Q2... » 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.