ICAI raises concern over higher limit for bank branch audits
PrintListen to this Article
Accounting watchdog ICAI has raised concerns over higher threshold limit for bank branches with regard to mandatory audit of their books, asserting that many more of them would be out of the auditing purview.
It is seeking the lowering of the limit. "The threshold limit for annual statutory bank branch audit for the financial year 2012-13 was raised from Rs 6 crore of advances to Rs 20 crore advances, whereby a large chunk of branches have gone out of annual audit purview.
"Our apprehension is that this is not good for the health of the banks," ICAI PresidentSubodh Kumar Agrawal told PTI.
The Institute of Chartered Accountants of India (ICAI) is already in discussions with theFinance Ministry to lower the threshold limit.
Agarwal said: "Audit is a very big check and is a deterrent to the wrong doers and by audit, the non-compliance of things come to the fore.
"So, in my view, the government needs to reconsider the limit which has been scaled up to Rs 20 crore and again bring it down to Rs 6 crore."
In 2007, the limit was raised to Rs 3 crore and in 2011-12, the limit was raised to Rs 6 crore. After one year the same was again hiked to Rs 20 crore.
When asked about the recent Cobrapost expose that revealed alleged violations of norms by some banks, the ICAI chief said the overall system needs to be improved from time to time.
"The Cobrapost thing has brought to the fore some leakages in the system," he added. (PTI)
Category : ICAI | Comments : 1 | Hits : 1367
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students. An ICAI notification—gazetted on April 25 —showed that the intermediate course exams will be held on May 3, 5 & 9 (Group I) and May 11, 15 and 17 (Group II). The final exams are scheduled for May 2, 4 and 8 (Group ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Agarwal told news agency PTI. Agarwal said, "The FRRB wil...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The central probe agency had last month arrested Jagdish Kumar Arora, the former chief engineer of the Delhi Jal Board. The probe agency claims that Arora awarded a contract worth Rs 38 crore to NKG Infrastru...
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineli...
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwas, Video has been removed 2 times. In his notice to Kumar Vishwas, He asked for Sorry to the Professional else Next Defemation Notice to Kumar Vishwas for his Derogatory Remarks against Chartered A...
Comments
CA.Subhash Chandra Podder
03-Jun-2013 , 06:46:48 pmThere is no doubt about to lowering the limit to Rs 6.00 Crore instead of Rs 20. Crore . The president of ICAI is very much justified by his statements and concerns for non - compliance by Regulators . More matters will come out if proper audit is done. WE ALL RAISE OUR VOICE against the decisions. CA. Subhash Chandra Podder, FCA Kolkata 03/06/2013