sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 3rd instalment of advance tax due on 15 December
 Tax on your gold and real estate investments
 Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018
 Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
 Here’s how you can check your ITR refund status online
 Your tax form will be filled by the taxman Income tax return (ITR) filing
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
  Companies (cost records and audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
 CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019

Banks want RBI to pick their auditors
January, 05th 2007

In a strange turn of events, nationalised banks have spurned a Finance Ministry offer to let them choose their own auditors. They would rather have the RBI pick their auditors.

Most nationalised banks are believed to have conveyed to the Reserve Bank that they would rather let it appoint auditors for them instead of appointing their own auditors. 

Last year, the Finance Ministry granted PSU banks the power to decide their own auditors. This drew protests from CAs, who felt banks would appoint auditors who would favour them. That seems to have pushed the banks to ask the RBI to do the choosing. 

Sunil Goyal, Chairman, Western Region , ICAI says, "There are many CA firms in the eligible category, for banks to choose 40 or 50 among them would have been difficult."

Until now, the RBI appointed thousands of branch auditors for PSU banks. The ICAI shortlists about 20,000 CA firms from all over India and forwards the list to the RBI.

The RBI then allots each PSU bank a few thousand auditors to audit their various branches. This ensures wide distribution of work for CA firms, which could have been disturbed, had banks agreed to appoint their own auditors. But now, CA firms can breathe easy.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions