22
Tuesday
May 2018
7:22 PM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
Business News
RBI advises PSBs to have fair system for branch auditor appts
 
New Delhi, May 7 (PTI) The Reserve Bank has advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors.

Chartered accountants' apex body ICAI has been raising concerns over the selection process followed by public sector banks (PSBs) with respect to auditors for auditing work at their branches.

Following its representations, ICAI has said the Reserve Bank of India (RBI) has "advised all PSBs to formulate a fair and transparent policy and procedure in the matter of selection and appointment of statutory branch auditors".

The President of the ICAI (Institute of Chartered Accountants of India) Nilesh S Vikamsey has mentioned about the RBI move in his latest monthly message to members.

Citing the RBI, he said the public sector banks have also been advised to appoint statutory branch auditors with the help of software for parameterbased allocation.

"RBI has further advised that the banks may appoint SBAs centrally at corporate office with the help of software for parameter based allocation of audit amongst the eligible firms ..." to select audit firms as per the appointment policy in place, as per the message.

While flagging issues related to appointment of auditors of PSBs, the institute had proposed developing a software for fair, transparent and equitable allotment of branch statutory audits.

The suggestions were made to ensure that a systematic selection system is in place without manual intervention.

There are 21 PSBs in the country.


PNB fraud: ED attaches Nirav Modi’s properties worth Rs 171 cr
Sohan Roy features in Top 100 Indian Business Owners by Forbes Middle East
NITI welcomes $16 bn Walmart-Flipkart deal
Bajaj Finserv offers repayment flexibility on home loan
Walmart to acquire 77% stake in Flipkart
Most Indian millennials ready to switch jobs for a pay rise: Report
Monetise Air India assets rather than selling stake: SJM to govt
With Fuel Prices Hitting the Roof, Govt Asks Oil Companies Not to Increase Rates: Report
PM Modi flags off Indian Railways' first high speed electric locomotive in Bihar
Axis Bank stock rises 4% after Shikha Sharma's tenure shortened
It's for RBI to decide on Chanda Kochhar's term at ICICI Bank: Finmin
Crisis-hit Deutsche Bank pushes out British CEO
Highlights of RBI monetary policy
Honda India Recalls Activa 125cc, Grazia and Aviator Scooters
Ratnagiri refinery: Pradhan says open to offer majority stake to Aramco
Telcos' pre-tax losses widen to Rs 38,153 cr in 2016-17
India to be ready with 5G roadmap by June: Tel Secy
Sensex, Nifty turn choppy on weak global cues
Facebook says sorry for data breach scandal in British newspaper ads
Global trade facing challenges,India needs to boost exports: Prabhu
KERALA NEWS
Kerala among 13 states on thunderstorm alert
 (New Delhi, May 7, 2018): Thunderstorms accompanied by squall, hail and heavy rains are likel  
Kerala Karshaka Jadha Opens to a Great Beginning / Video
Malappuram press club attack: RSS workers nabbed
Workers injured in mudslide at construction site
INTERNATIONAL NEWS
Venezuelan Prez Nicolas Maduro wins re-election
 (Caracas, May 21, 2018):Venezuelan President Nicolas Maduro was re-elected for a second six-y
Hirokazu Kore-eda's 'Shoplifters' wins Palme d'Or at Cannes
Cuba: 110 died in plane crash, 3 survivors 'critical'
The Royal Wedding: Prince Harry, Meghan Markle declared husband and wife
NATIONAL NEWS
Plea In Supreme Court Seeks Review Of Verdict In Judge Loya Death Case
 (New Delhi, May 21, 2018):A petition has been filed in the Supreme Court seeking review of it
BJP now down to 272 Lok Sabha seats from 2014 tally of 282
Modalities of Government Formation in Karnataka Finalised, Says HD Kumaraswamy
Yeddyurappa sworn in as Karnataka chief minister
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.