Statutory Audit

In terms of the existing guidelines, an audit firm can take up statutory central audit of one PSB, four private sector banks and four foreign banks simultaneously each year. Full Article

Section Description of the matter 2(14A) Dividend includes interim dividend. *2(29A) Net worth means total of paid up capital and free reserves after deducting provisions or expenses as may be prescribed. Free reserves includes reserves out of the profits and share premium account but does not include revaluation and amalgamation reserves. *2(46AA) Sick industrial company [...] Full Article

The State Bank of India (Amendment) Bill 2010 contains a provision that will further limit the Reserve Bank of India's powers on bank auditor appointment. The provision allows SBI to appoint its own statutory auditors. The Central Government too will have no say in the appointment of statutory auditors of SBI. Full Article

The issue relating to the internal assignments allotted to the audit firms at the time of their appointment as statutory auditors has been examined afresh and it has been decided as under: “Audit firms should not undertake statutory audit assignment while they are associated with internal assignments in the bank during the same year. In case the firms are associated with internal assignment it should be ensured that they relinquish the internal assignment before acce.. Full Article

# Allahabad Bank, Zonal Office, Hyderabad invites applications / Biodata in the format as per Annexure-A, from practicing firms of Chartered Accountants of India having an office in the state of Andhra Pradesh and are willing to have their firm empanelled as Stock Auditor in the Bank. The panel of auditors maintained earlier years since expired and will not be used for appointment of internal stock audit jobs and are required to apply afresh. The Bio-data should be su.. Full Article

State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence, branch network of over 12000 branches is interested in engaging an Audit firm of repute and proven track record to carry out the concurrent audit of its Treasury Operations on an on going basis, initially for a period of 6 months, subject to extension. Full Article

The Central Bureau of Investigation (CBI), which is probing the multi-crore Satyam accounting fraud, has given a clean chit to PricewaterhouseCoop ers (PwC), the firm's erstwhile statutory auditors. The CBI, in its supplementary chargesheet filed on November 24 at the XIV Additional Chief Metropolitan Magistrate Court, revealed that the auditors S Gopalkrishnan and Srinivas Talluri, were employees of Lovelock & Lewes (L&L) and that the remuneration, which Satyam paid to.. Full Article

Circular Issued by: – Government of India, Ministry of Corporate Affairs, Office of Registrar of Companies. Issued to: Local Chapter, ICAI/ICSI/ICWAI Sub: - Panel for outsourcing of work of Technical Scrutiny of Balance Sheets. This office  (ROC Office) is in process of preparing  a panel of professionals for outsourcing the work of Technical scrutiny of Balance sheets filed [...] Full Article