20
Monday
November 2017
7:39 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.


Rupee slips 5 paise against dollar to 65.06
Moody's rating upgrade: Officials hope others will follow suit
Sensex zooms 414 points after Moody's ups India rating
US dollar ends cheaper against rupee
Indian companies create 113K jobs in US: Report
Cochin Shipyard Q2 net dips 8 pc to Rs 100 crore
Rupee tanks 35 paise to hit 1-wk low; crude plays spoilsport
Sensex hits new record of 33,853.63; Nifty rises 34 pts
Apple to recruit employees from an Indian engineering college this year
Offline version for GSTR-4 launched on GST portal
Jerome Powell-led Federal Reserve could be US dollar-positive in long term
Rly committee suggests new categories for grading stations
Gadkari plans Rs 5-tln bond sale to fund large infra projects
158 crorepatis, 61 with criminal cases in HP polls: ADR
US dollar ends lower against rupee
PIA forgets two coffins in New York: media
India jumps 30 notches to 100th place in 'ease of doing biz'
Note ban anniversary: RBI says still verifying returned notes
Gadkari invites UAE investors for infra development
US agricultural export have grown 250 per cent: Official
KERALA NEWS
State's 26 % water sources polluted, finds study
 (Thiruvananthapuram, Nov 20, 2017): Amid the state government's efforts to rejuvenate and rec  
Enough evidences collected against Dileep: AV George
PIL seeking removal of Vijayan filed
BJP-CPI(M) clash in Kannur
INTERNATIONAL NEWS
Kenya's Supreme Court upholds Kenyatta election win
 (Nairobi, Nov 20, 2017): Kenya's Supreme Court today dismissed two petitions to overturn the
Greece unveils flood relief measures as death toll hits 20
Lanka PM appears before bond probe panel
Trump not anti-immigrant: Raj Shah
NATIONAL NEWS
Gujarat election: NCP-Congress talks fail
 (Ahmedabad, Nov 20, 2017): The Nationalist Congress Party (NCP) today said it will contest al
Two nabbed for anti-national activities
Kovind condoles demise of Priya Ranjan Dasmunsi
Fire breaks out in Anantnag area of Kashmir
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.