CA Amresh Vashisht

Allocation of Banks and finalisation of Statutory Branch Auditors are in process. It is expected that the same shall be completed by the end of first week of March. As you know there are 26 public sector banks and like previous year Fifteen banks shall opt for autonomy. But in practical ,there will not be change of any policy as these Banks shall appoint the Branch Statutory Auditors by their own but they have to pick the auditors from the panel given by RBI. The only change in the name of autonomy is that first these fifteen Banks shall choose their auditors and get apprpval of their lists from RBI.The remaining Banks shall then appoint the Auditors from the remaining list of Auditors furnished by RBI to Eleven Banks.So overall, there is nothing injurious or new in this kind of Autonomy.  Fifteen Banks who have taken the autonomy  are;-

Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Indian Overseas Bank
OBC
Punjab & Sind Bank
Punjab National Bank
SBI
Syndicate Bank
UCO Bank
Union Bank of India

The remaining Eleven banks shall be able to complete the process till 10th March 2010.

(About the Author- Author was Member of ICAI- Regional Research Committee 2013-14 and ICAI- Committee For Direct Taxes 2011-12 and can be reached at email amresh_vashisht@yahoo.com or on phone Phone: 0 1 2 1-2 6 6 1 9 4 6. Cell: 9 8 3 7 5 1 5 4 3 2 having office at 1 1 5, Chappel Street, Meerut Cantt, UP, INDIA)

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0 responses to “Appointment of statutory auditor for Public sector bank for 2009-10”

  1. SUMAT KUMAR JAIN (FCA) says:

    Sir,Till date we have not received any appointment letter from any bank till date.
    firm regd:05492C
    unique code:331902
    Firm: SUMAT K. JAIN & CO.
    172, CIVIL LINES, JAIL CHOURAHA,
    JHANSI(UP)
    09839922663
    09415030132

  2. SUMAT KUMAR JAIN says:

    Firm regd no: 05492C
    Unique code no.331902
    Fim name: SUMAT K. JAIN & CO.
    172, CIVIL LINES, JAIL CHOURAHA,
    JHANSI
    PHONE: 9839922663
    9415030132

    sIR, WE HAVE NOT RECEIVED ANY INFORMATION FROM ANY BANK REGARDING ALLOTMENT OF BANK AUDIT 2009-10.

    pL PROVIDE DETAIL OF BANK.

  3. Suresh Patni says:

    Though our firm “Surana Patni & Associates” (MEF 14695) and unique code no. 66844 is on the list of bank branch auditor’s panel, we have not received any allotment letter as yet i.e. till 27.03.2010.

  4. SUMAT K. JAIN & CO. says:

    sir, we had not received any call of bank STATUTORY audit till date.
    We want to confirm about our empanelment for bank statutory audit of 2009-10,

    SUMAT KUMAR JAIN (FCA)
    09839922663
    09415030132

  5. O P BANKA says:

    in the market we have heard that bank officers are selecting the auditors on the basis of infomations given by the CAs who are close to them and on their observations they are alloting the audits

  6. CA Sandeep Kanoi says:

    Dear Amresh Sir,

    Nice to see you commenting on our site.

    I am fond of your emails from last 3 years the time I joined your group as most of your emails were informative and helped me enrich my knowledge further.

    You really doing great job on yahoo.

    Thanks again

  7. Ca Amresh vashisht says:

    Dear SS,

    We are unnecessarily making a hype of Autonomy to bank. If i take your apprehension of selecting the Auditors from their cjoice or not to award the audits to all the auditors of RBI list. it was very much there. What;s a new in this autonomy .Everything is there as usual.

    The above observations was made by me at my Group and the same has been posted here without the refrence of originator.Its painful, we are observing the Bank behaviour very closely and i feel we are unnecessarily worried over the new system.

    All is well my dear.

  8. ssmohideen says:

    The real harm in the Autonomy given to the 11 banks is that they can fire the Auditors who may not be ” Moderate ” in their professional approach or whose report causes more provisioning or even those who do not take it easy to the graevious irregularities . In short the banks may opt for the report friendly CAs as the Auditors for their Banks. Even after the Satyam episoe we decline to learn lessons. What best can be done is that the banks may given a choice to represent the RBI about their dissatisfaction of a particular Auditor with proper and reasonable evidence so that the Regulator can take due action in this regard. The autonony system will definitely give room for ” lobbying”

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