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Monday
September 2017
9:49 AM IST
News Headlines
Rahul 'thanks' Sushma for recognising Cong legacy        Bangla govt dismisses reports about plot to kill Hasina        India beat Aus by 5 wkts to clinch ODI series, grab No. 1 spot        Pak's UN envoy tries to pass off Gaza image as Kashmir        Kerala minister Thomas Chandy rejects encroachment charges; opposition press for resignation        Shiv Sena takes to streets against inflation, fuel price hike        Journalist KJ Singh, mother found dead: Punjab Police sets up SIT to probe case, IJU condemns the murder        We created institutions of excellence, Pakistan created terror factories: Sushma at UN General Assembly        Early count puts Bill English ahead in New Zealand election        Another powerful aftershock jolts Mexico with 6.1 magnitude        Pakistan name five upcapped players in 16-man squad for Sri Lanka Tests        Rajasthan's 'Falahari Baba' arrested for rape        LDF entry of BDJS: : Kanam breaks silence        Chandy issue: Achuthanandan takes a dig at Pinarayi        Malappuram genital chopping case: Police confused        Injustice being done, says Manju        Thomas Chandy alleges conspiracy in encroachment row        Medium-intensity earthquake in Kashmir Valley        IRCTC denies reports of some banks cards barred for payment        We don't indulge in vote bank politics: Modi        
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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.


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Rupee recovers 6 paise against dollar in early trade
Sensex gains 57 pts in early trade despite rising inflation
'Govt to focus on water grid, highways-cum-airstrips'
IndusInd Bank, Bharat Fin gain up to 5.5% on merger talks
KERALA NEWS
LDF entry of BDJS: : Kanam breaks silence
 (Malappuram, Sep 23, 2017, DG): CPI State Secretary Kanam Rajendran today invited BDJS into t  
Chandy issue: Achuthanandan takes a dig at Pinarayi
Malappuram genital chopping case: Police confused
Injustice being done, says Manju
INTERNATIONAL NEWS
Bangla govt dismisses reports about plot to kill Hasina
 (Dhaka, Sep 24, 2017):The Bangladesh government today dismissed as "baseless" media reports t
We created institutions of excellence, Pakistan created terror factories: Sushma at UN General Assembly
Early count puts Bill English ahead in New Zealand election
Another powerful aftershock jolts Mexico with 6.1 magnitude
NATIONAL NEWS
Rahul 'thanks' Sushma for recognising Cong legacy
 (New Delhi, Sep 24, 2017):Congress vice president Rahul Gandhi today thanked External Affairs
Shiv Sena takes to streets against inflation, fuel price hike
Journalist KJ Singh, mother found dead: Punjab Police sets up SIT to probe case, IJU condemns the murder
Rajasthan's 'Falahari Baba' arrested for rape
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