The Institute of Chartered Accountants of India’s Professional Development Committee (PDC) has made an important announcement regarding the Bank Branch Auditors Panel. Traditionally, the cut-off date for the constitution of the firm and its members for the Bank Branch Auditors Panel has been 1st January of every year. However, the PDC has decided to shift this date to 1st July, starting from the year 2023-24. This change aims to leverage the readily available database of firms and members in the Self Service Portal (SSP) of the ICAI on a real-time basis.
By extending the cut-off date, chartered accountants and firms will have more time to submit their Form 18, without the need for condonation of delay, until 31st July. This adjustment allows for better preparation of the Bank Branch Auditors Panel and ensures accuracy in the selection process.
Furthermore, the revised guidelines issued by the RBI on 6th March 2023 will be followed in the preparation of the panel. These guidelines detail the requirements and procedures for the appointment and re-appointment of statutory branch auditors of public sector banks.
Professional Development Committee
The Institute of Chartered Accountants of India
Announcement
June 30, 2023
Changing of cut-off date from 1st January to 1st July for the Bank Branch Auditors Panel
As members are aware, every year PDC prepares a Multipurpose Empanelment Panel of Chartered Accountants/firms spread across the country based on multi layered logic for providing it to RBI and others. The cutoff date for the constitution of the firm and its members is considered as on 1st January of every year considering submission of Form 18 upto one month of submission (till 31st January) without condonation of delay for the purpose of preparation of Bank Branch Auditors Panel.
As the database of firms and members is readily available in Self Service Portal (SSP) of the ICAI on real time basis, the Council of the ICAI, at its 421st meeting held on 25th and 26th May 2023 decided to change the cut-off date for collating data for preparation Bank Branch Auditors Panel to 1st’ July instead of 1st January of every year.
Accordingly, the cut-off date for the constitution of the firm and its members will now be as on 1′ July, 2023 considering submission of Form 18 up to one month of submission (till 31st July, 2023) without condonation of delay for preparation of Bank Branch Auditors Panel from 2023-24 onwards.
Further, the said panel will be prepared as per RBI’s revised guidelines for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks dated March 6, 2023.
Members may kindly note.
Professional Development Committee
