Adoption of ICAI Software on Allotment of Statutory Bank-Branch Audit by Banks

As you know, we have over the years expressed our concern on the appointment of auditors of public sector banks by Banks’ Board themselves and on the autonomy given to them. To address this, as you are very well aware, ICAI had developed an automated web-based software for the selection of statutory branch auditors of public-sector banks. On our request, RBI requested all banks to take help of this software or any other software to allot bank-branch audit. And last year, the ICAI software was utilised by three banks, namely Dena Bank, Syndicate Bank and Oriental Bank of Commerce, and we got a letter of appreciation.

I am happy to share that this year, majority of banks have taken the demo of this software and many of them have expressed their consent to use the same. With such a vast usage of our software, our concern regarding the autonomy of banks in the selection of bank-branch auditors will be suitably addressed. Moreover, the allotment of audit will be uniform besides being fair, transparent and equitable.

Source- Extract of ICAI President’s Message – February 2019

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March 2021