28
Friday
July 2017
4:30 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.


WhatsApp says 100 crore people use its messaging services every day
UP govt will address all issues faced by mango farmers: CM
Rupee halts 2-day fall; capital inflows come to rescue
Microsoft bets big on cloud, eyes new customers in India
China accuses India of 'abusing' trade remedy measures
Jio effect: Bharti Airtel's profit drops
Need examples to deter benami deals, says Jaitley
Jaitley to head panel on HPCL stake sale to ONGC
Jio Phone, Free With Rs. 1,500 Deposit, Unlimited 4G Data, Launched by Mukesh Ambani at Reliance AGM
Cabinet clears IRDAI signing pact for information exchange
GST win-win deal for all: Jaitley
Xiaomi Mi Max 2 with 12MP camera, 5300 mAh battery launched at Rs 16,999
Infosys eyes artificial intelligence profits
Toyota Connect app launched: How it can make your car smarter and connected
Jammu and Kashmir joins GST from today
Centre did not play big brother role in fixing GST rates: Min
Catfish farming banned, but stocks pose danger
India ranks 23rd among 165 nations in cybersecurity index
Mehbooba brushed aside separatists to roll out GST: Jaitley
Govt to study use of private cars for ride-sharing
KERALA NEWS
District sessions court to hear Vincent MLA's bail plea
 (Thiruvananthapuram, Jul 28, 2017, PTI): Congress MLA M Vincent, arrested on charges of rapin  
Kavya travelled in Suni's car at 'Pinneyum' location: Police
Bineesh Kodiyeri's house attacked
Vigilance raids Civil Supplies godowns
INTERNATIONAL NEWS
Clashes erupt as Palestinians declare victory over Israel in crisis over holy site
 JERUSALEM — Palestinians declared a hard-won victory Thursday against what they saw as an attempt by
UN helicopter crashes in Mali accident: UN source
Trump bars transgenders from serving in US military
Sharif accuses India of 'undermining' spirit of SAARC
NATIONAL NEWS
Nitish Kumar wins floor test with 131 votes
 Bihar Chief Minister Nitish Kumar on Friday won the floor test with 131 votes in favour against 108.
Akhilesh mocks Nitish's return to NDA
Both Modi and Kalam 'karma yogis:' Venkaiah Naidu
Nitish Kumar returns as Bihar CM, set to clear floor test today
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.