Introduction
The Chartered Accountant (CA) profession is the backbone of financial discipline in India. CAs safeguard compliance, transparency, and accountability across government, public sector banks (PSBs), private enterprises, and cooperative institutions. Yet, despite this critical role, small and medium practitioners often face disrespect and inadequate remuneration.
This article is not a personal grievance but a collective voice for thousands of practitioners who deserve recognition, empathy, and fair compensation. It is a call to the ICAI Central Council, under the leadership of CA Prasanna Kumar D of Visakhapatnam, to act decisively and use its good offices with the Reserve Bank of India (RBI), Indian Banks’ Association (IBA), the Union Finance Minister, and the Comptroller and Auditor General (CAG).
Inflation and the Principle of Fair Compensation
- In taxation, Indexation for Long-Term Capital Gains recognizes inflation’s impact on value.
- Governments, PSUs, PSBs, and private entities revise Dearness Allowance (DA) to protect employees’ take-home pay.
- Why then should CAs — who ensure financial discipline — be denied similar recognition?
A CA knows inflation better than most. Yet, remuneration for audit assignments often remains frozen for years, eroding professional dignity and financial viability.
Reality Check: Concurrent Audit Fees
The disparity in concurrent audit fees across banks is stark:
- Indian Bank: ₹22,000 per month
- Central Bank of India (CBI): ₹20,000 per month
- UCO Bank: Previously ₹18,000, revised to ₹20,000 (but bills unpaid since Oct 2025, with retrospective downward revision to ₹17,000 citing “business decline”).
- State Bank of India (SBI): Revised from ₹40,000 to ₹50,000 per month in 2025 — a rare positive example.
These figures show inconsistency, arbitrariness, and lack of respect for auditors.
In some cases, auditors are even “punished” for branch business not meeting targets — a practice that undermines professional dignity and is wholly unjustified.
The Larger Issue
- Remuneration scales vary widely across PSBs, creating inequity.
- ICAI’s periodic interventions with RBI and IBA have helped in Statutory Audit fee revisions, but Concurrent Audit fees remain stagnant for years.
- Appeals to ICAI Council Members often go unheard, leaving practitioners disillusioned.
For over five years, repeated submissions have been met with silence. The prevailing sentiment among practitioners is: “Apply, apply, and I will get no reply.” This lack of empathetic hearing is deeply discouraging.
In my opinion, 4 CAs are responsible for No Respect & Non Payment of Reasonable Remuneration for Concurrent Audit by 12 PSBs :
1. Independent/ Professional Director/ Audit Committee Chairman in that Bank.
2. Central Statutory Auditor.
3. Chairman, PDC of ICAI (I brought this to the Notice of the then Chairman) &
4. The President representing the Council of ICAI.
Do You Agree?
In continuation,
1. When the India’s one of the “too big to fail” Bank informed the Statutory Branch Auditors by email that too with a short Notice of < 24 hours, to attend a meeting at Vijayawada advising also bringing Letterheads and For Stamp, Seal of CA firms etc., and the meeting will be for new areas to be audited / changes in IRAC by RBI, etc., by both the LHO Officials and a partner of Statutory Central Auditor.
I stood up, supported by 2 past Chairman of the Vijayawada Branch of SIRC of ICAI, asked the Central Statutory Auditor, in case CAs 1st year assignment, whether their Firm complied with the MANDATORY “Prior Communication with the Previous Auditor” requirement as mandated by the Institute of Chartered Accountants Act, 1949; The Chartered Accountants Regulations, 1988 and The Code of Conduct and Ethics, etc.,?. My good friend being partner of AP Registered Office Central Statutory Audit Firm ‘answered as Yes.
For My 2nd Question, CGM of the Bank stood, stated that this is Not the Forum, but I requested him not to interrupt my question to SCA – whether SCA brought the Mandatory Code of Conduct & Ethics of ICAI to the Notice of the Bank?
The Statutory Branch Auditors also to comply by sending RPAD and to get NoC before sending Acceptance to the Bank. If the Bank informs the Name of Previous Auditor at the Registration counter of the said meeting, it is practically impossible to comply the code of Conduct and Ethics, EXPOSING All the Statutory Branch Auditors to face ICAI Disciplinary Proceedings, if a Previous CA choose to complain against incoming CA.
Then Only the Bank realised that neither SCA Nor CA staff of Bank not informed New, Young, Dynamic recently promoted / posted / official in the key position.
Thereafter for the next 3 years, the Bank stopped meetings with the SBAs of Vijayawada Zone but continued with meetings at Hyderabad, Visakhapatnam and Tirupati.
Another PSB” C”, convened SBAs of total AP and branch Managers of branches covered under audit in Hyderabad Zone ONLY, JOINT meeting at the then AP Capital, before reorganisation into AP and Telangana on 31st March 19XX. I attended the meeting which was originally scheduled at 10.30 am, BUT the Higher Officials could make it up at past 11.00 am. Tea & Biscuits served and meeting proceeded from 11.30 am. Luckily there were No Changes in IRAC Norms, etc., by the RBI. Within 25 minutes the higher officials informed that the meeting will be concluded and asked for any doubts/clarifications.
I stood up and requested the higher officials to give their views on the following:
Q 1. What is the significance of convening the Joint meeting of some BMs and ALL CAs of AP on 31.03.19XX? particularly;
a. depriving the BMs to pursue the Borrowers, who promised, in the recent days, to pay the Dues so that Account will not be classified as NPA?
b. In those days of MANDATORY Physical appearance of CA before the Income Tax Officials, particularly in time barring assessments, etc.
A1: Nil
Q2. Whether the higher official is aware that the bank offers a consolidated Fees of Rs 1,000/- (Rupees one thousand only) for carrying out Revenue Audit of an entire calendar year of Scale III branches, located even up to 200-250 Kms from CA Firms headquarters. That there was a rider, if the CA firm didn’t accept, carry out the Revenue Audit, its name will be removed from the Panel of Revenue Auditors once for all, without there being any further notice and whatever be the reason, for not carrying out, any requests for inclusion in the panel again will not be entertained. A2. The higher officials Shocked as they were not aware of that mischief by the middle level management staff and regretted for the same.
Conclusion
This is not about one firm or one practitioner. It is about the collective dignity of the CA profession. Respect and fair pay are not luxuries — they are rights for professionals who uphold the nation’s financial integrity.
It is time ICAI leads with empathy, fairness, and courage. Let us ensure that every Chartered Accountant, whether in statutory or concurrent audit, receives the respectful treatment and reasonable remuneration they deserve.
Call to Action
The ICAI Central Council must act with courage and empathy. Under the leadership of CA Prasanna Kumar D, the first person from Andhra Pradesh to hold this office since 2014, ICAI has a historic opportunity to:
- Ensure uniform, fair, and periodically revised remuneration for all audit assignments.
- Establish minimum fee benchmarks across PSBs to prevent arbitrary downward revisions.
- Engage proactively with RBI, IBA, the Union Finance Ministry, and CAG to institutionalize respect and fairness for CAs.
*****
(CA Raghavendra Prasad M)
ICAI M.No :025167
By 05.03.26, completing Ruby Jubliee years of Practice.
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