Dear Professional Colleagues,

This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and Branch Statutory Audit to be followed by all the PSBs suitably.  The purpose of sending this mail is to update and set the records straight to the effect that while every member of profession is free to express one’s views on any professional matter, however, same is required to be based on facts and as per records.  Circulation of motivated information with a view to mislead the professional brethren and to gain personal mileage is not expected from any member of the Institute.  The fact of the matter in bank audit is that the Council of the Institute, as in the past, has always been earnestly taking up the cause of the profession with authorities at various levels especially the bank branch audit related matters and in this regard, I have already apprised you of all the various steps taken by the Institute to protect the interests of members on bank branch audit, vis-a-vis, concurrent audit.  As you are aware, the concerted efforts taken last year in the matter has led to fixation of limit of bank branch statutory audit at advance level of Rs.6 crores and above (as against the rumoured level of advance Rs.20 crores) and 1/3rd in case of branches with of advance level of less than Rs.6 crore.

It has also been our past experience that during election period, misleading and biased misinformation campaign is resorted to.  My sincere appeal to professional brothers is not to get perturbed by such rumors but to wait for the fruits of the sincere efforts being taken by the Institute for which I shall keep you posted of the developments from time to time.


CA. Jaydeep N. Shah
President, ICAI

Source- Email From ICAI President CA. Jaydeep N. Shah

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September 2021