Completion of Bank Branch Audits for the year 2014-15 – ICAI
It has come to our notice that Public Sector Banks do put pressure on their branch auditors to complete their audits in the first 7 or 10 days of April itself. We strongly feel that providing such limited time for completion of audits leads to human errors not only in the decision making but also in the conduct of the audit itself and which may not reflect the true and fair financial position of the banks.
We would like to inform that ICAI vide letter dated 13th March, 2015 had impressed upon RBI that the auditors should be given adequate time to study the systems and processes prevailing in the bank to compile their reports thereto till 20th April, 2015, instead of simply rushing through to meet the deadline given by the banks. Further, a communication in this regard was also sent to CMDs of all the Public Sector Banks dated 25th March, 2015 stressing on the fact that auditor should be given adequate time Further, ICAI very strongly impressed the same during the Conference for Central Statutory Auditors which was organised by RBI on 23rd March, 2015 and 27th March, 2015 at New Delhi & Mumbai respectively. Moreover, we had advised the Central Statutory Auditors to use their good offices to ensure that sufficient time is given to bank auditors.
This instant communication is to advise you that in case, it is possible for you to complete the assignment in the time limit given by the bank , it would be appreciable, however, there must not be any compromise on the quality of audit. Auditors should not feel pressurised to complete the audit assignments in a limited time and ensure that these audit serve as value addition.
With kind regards,
Yours sincerely,
(CA Anuj Goyal)
Chairman, Professional Development Committee
Dear All
Can any one explain about 15g and what is the benefit to individual and other one
Please
With Thanks & Regards
Rajinder Kumar
9988738346
Dear CAS rai,
i am not joking on anybody knowledge,but what happened in my case that CA says that trust can not give 15g,so i apply in form no.13 for non/lower deduction tds certificate from income tax deptt,and income tax deptt given me in writing that your income is below taxable limit,you may file declaration u/s197a(1a)before the person responsible for tds for the same.Than i refer to sec197a(1a)in which it is is very clear,so now what happened,every year,at bank audit time, i have to understand this matter to various C A.some one agrees and some do not agree and giving audit remark to the bank,and than we have to come across in many correspondence,this is the position of only one customer,imagine what others
SIR,
Every bank has a cut-off date by which a branch’s financial has to be audited & same shall be submitted to head office for consolidation & further action…How true is this statement??
mr.pravin vyas and Sankaran says good jokes about C.A Knowledge
Mr.Pravin vyas well know about 15g and Mr.Sankaran well know about C.A knowledge
Sir,
To day Audit is one of the main tool for finding fault in the branch. Once the audit work starts in the branch ., auditor should stick to the time schedule and they should have there own timings. While going to the audit work by the central auditors they can utilize the service of the retired officers for the audit work in which it will helpful to the auditors. To day lot of experienced retired officers are available . At the cost of time schedule audit should be diluted.
Why not the RBI, Govt, and ICAI consider sharing atleast one Bank Audit to a CMA as CAs, CMAs,CS are equated in many assignments. This will quicken the Branch Audits. In fact there is a move to have single window for different certifications or assignments by CAs, CMAs and CAs.
S.Balasubramanian
M.9941476005
Dear Sir,
I suggest to ICAI, RBI, and Government that instead of giving 3 or more CAs, at least 1 Audit per CMA would help in improving the quality and speed the the matter. CMAs are equally qualified in various fields including Banking. In fact many CMAs are associating with CAs in Revenue Audit, Concurrent Audit, Stock Audit etc. When CA, CMA, CS are equated in many areas of assignments why not in this. In fact there is a proposal to have 1 window for all types of professional assignments.
I dont know how Mr sankaran has commented like this. We are doing bank audits for the past 10 yrs and I personally well versed all the phases of the banking PRACTICAL aspects. I know all aspects of documentation inclusive of FOREX.
N GANESHAN CA FINAL
I agree with mr sankaran,even some income tax provision and rules differs from auditor to audotor,i am giving one example,some CA say that 15g can accept in case of trust etc where interest amt is below taxable amt and some do not agree with this,however income tax deptt said that it is not necessary to take sec 197 certificate where interest amt does not exceeds taxable income amt for the particular year.This is the fact
Again i do not agree with what Mr. SAnkaran says that auditors do not know about banking. If such would have been situation, then RBi and Govt would not assign audit to Chartered Accountants. It is my personal experience that most of compliances are completed after the indicating by the branch auditors. So no one can discount contribution of branch auditor to the banking system.
REsp sir,
This is right step and approach taken by ICAI. Because the banks puts terrific pressure on branch statuatory auditors for completing their audit before 10 th april. For conducting and completing quality audit, it is most important that auditors should have enough time considering the the audit in his hand.
Dear Sir
Our bank audit assignment can not be open ended for cost of quality reasons.
It is good to hear but it is very important how many auditors know about banking, Credit, documents etc. Auditing is only ritual every year and where is the quality. Today it is found knowledge is much desired and they come only to show their importance. What quality the ICAI is looking for? Can it qualify the word Quality?