Ineligibility of Bank Branch Statutory Auditor | Check Before Accepting Bank Branch Statutory Audit
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Ineligibility of Bank Branch Statutory Auditor - Must Check Before Accepting any Bank Branch Statutory Audit.
Auditor should first check and ensure that he is eligible for being appointed as Statutory Bank Branch Auditor.
Statutory Disqualifications under section 141(3) of the Companies Act, 2013.
Under ICAI Code of Ethics.
Ethical Standard Board (ESB) of ICAI has issued FAQs on “Professional Ethics of Members Pertaining to Bank Assignments”.
Wherein the Auditor (Member of ICAI in Practice) can not accept the position as Bank Branch Statutory Auditor in the following circumstances:-
The Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank.
Revenue / Stock / Concurrent Auditor of different branch(es) of the same Bank, is not permitted to accept the appointment as Statutory Auditor.
There is no prohibition in holding credit card of bank where a CA Firm is Auditor of the Bank.
Indebtedness will apply if there is outstanding balance of Rs. 10,000/- beyond prescribed credit period limit on credit card given to holder of credit card.
CLICK ON THE LINK TO WATCH FULL VIDEO,
https://youtu.be/A11fVetnfrI
Auditor should first check and ensure that he is eligible for being appointed as Statutory Bank Branch Auditor.
Statutory Disqualifications under section 141(3) of the Companies Act, 2013.
Under ICAI Code of Ethics.
Ethical Standard Board (ESB) of ICAI has issued FAQs on “Professional Ethics of Members Pertaining to Bank Assignments”.
Wherein the Auditor (Member of ICAI in Practice) can not accept the position as Bank Branch Statutory Auditor in the following circumstances:-
The Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank.
Revenue / Stock / Concurrent Auditor of different branch(es) of the same Bank, is not permitted to accept the appointment as Statutory Auditor.
There is no prohibition in holding credit card of bank where a CA Firm is Auditor of the Bank.
Indebtedness will apply if there is outstanding balance of Rs. 10,000/- beyond prescribed credit period limit on credit card given to holder of credit card.
CLICK ON THE LINK TO WATCH FULL VIDEO,
https://youtu.be/A11fVetnfrI
Category : Bank Branch Audit | Comments : 0 | Hits : 1000
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