Bank Branch Audit Fees admissible to the Auditors for Bank Branch Audits
PrintListen to this Article
The Schedule of Bank Branch Audit fees admissible to the auditors for the audit work of the branches, depending upon the quantum of advances (as on the date with reference to which audit is conducted) will be as under:-
Category of branches according to Rate of audit fees
the quantum of advances as on 31.03.2015
(Rs.)
a) Cells like CCPC/RACPC/RASMEC/SARC etc. 14,375/-
(Advance level Nil)
b) Upto Rs. 10 crores 40,250/-
c) Over Rs. 10 crores upto Rs. 20 crores 57,500/-
d) Over Rs. 20 crores upto Rs. 30 crores 79,350/-
e) Over Rs. 30 crores upto Rs. 50 crores 1,20,750/-
f) Over Rs. 50 crores upto Rs. 75 crores 1,38,000/-
g) Over Rs. 75 crores upto Rs.125 crores 1,82,850/-
h) Over Rs. 125 crores upto Rs.175 crores 2,28,850/-
i) Over Rs. 175 crores upto Rs.300 crores 2,87,500/-
j) Over Rs. 300 crores upto Rs. 500 crores 3,24,300/-
k) Over Rs. 500 crores upto Rs.1000 crores 3,59,950/-
l) Over Rs.1000 crores upto Rs.5000 crores 3,95,600/-
m) Above Rs. 5000 crore. 4,31,250/-
Fees for LFAR and Tax Audit
In respect of Branches 10% of basic audit fees payable for LFAR &
15% or 7.5% of basic audit fees for Tax audit of the respective branch*
Further the Service tax, (as applicable and subject to terms & conditions mentioned) is also payable in addition to the Bank Branch Audit fee.
Category : Bank Branch Audit | Comments : 1 | Hits : 43751
Bank Branch Statutory Audit Update. Total Number of Bank Branch Statutory Auditors (Category wise) Appointed and Total Number of Bank Branches Audited . CLICK ON THE LINK TO WATCH COMPLETE VIDEO,,,, https://www.youtube.com/watch?v=yEy0nBKEseM
List of CA Firms Appointed by RBI as Central Statutory Auditors (CSAs) of 12 Public Sector Banks (PSBs) Banks for FY 2023-24. Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2023-24 with Firm Registration Number (FRN) and Unique Code Number (UCN) Tenure in FY 2023-24 (in years) 1 Bank of Baroda M/s Khandelwal Jain & Co., (FRN 105049W; UCN 60996) 2nd M/s S Venkatram & Co LLP, (FRN 004656S; UCN 190913) 2nd ...
Core Banking System - CBS A composite system / software which handles Transactions, Customer Relations, Regulatory compliances, MIS / Reports request is the need of an Hour. Core Banking Systems provide the solution for the same. There are various Core Banking Software's available in the market. Role and Responsibilities of the Bank Considering the importance of IT systems in the preparation and presentation of financial statement, it is imperative that the bank should share detailed in...
Registration of Transactions with CERSAI:- In terms of circular DBOD.Leg.No.BC.86/09.08.011/2010-11 dated April 21, 2011 on ‘Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002’, as amended from time to time, banks are required to register, on an ongoing basis, the transactions relating to securitization and reconstruction of financial assets on the CERSAI portal. Banks al...
Role and Responsibility of the Auditor - SA 240 | Fraud Detection Techniques in Banks | Tips for the Auditors to identify frauds in Bank Branch Audit. Types of Fraud in Banking System:- There are numerous ways in which banking frauds are committed. The frauds committed in banking system can be classified under different types, based on the historical data available. Some examples of banking frauds are as under: Account Opening Fraud: This involves an account being opened with either fake or o...
Comments
CA.Subhash Chandra Podder
31-Mar-2015 , 11:29:02 amGood.Thanks to CASANSAAR TEAM and CA, VIVEK KHURANA, 31/03/2015