Taxontips
No Result
View All Result
Thursday, February 2, 2023
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

No cooling period for Bank Branch Audit for CAs – RBI

ADMIN by ADMIN
January 8, 2021
in Business & Other News
1
RBI to end it’s Fiscal Year 2019-20 on 30.06.2020 | Fact check | Change in Accounting year for 2019-20
318
SHARES
4k
VIEWS
image_pdfPDFimage_printPrint

Change in norms on eligibility, empanelment and appointment of Statutory Branch Auditors in Public Sector Banks from the year 2020-21 and onwards.

Policy finalised by RBI, 2 major changes done as mentioned below, rest points remain same:

1.A. Norms for selection of branches of Public Sector Banks (PSBs) for Statutory Audit
i. Statutory branch audit of PSBs should be carried out so as to cover 90% of all funded and 90% of all non-funded credit exposures of a bank.

The selection of branches for statutory audit shall include a representative cross section of rural/semi urban/urban and metropolitan branches, predominantly including branches which are not subjected to concurrent audit. CPUs/LPUs/and other centralised hubs, by whatever nomenclature called, would be included for branch audit every year. The selection of branches shall be finalised by each PSB with the consent of their Statutory Central Auditor/s.

IMPACT
Removal of mandatory audit of 1/5 branch with advance size less than 20 cr

Policy point no 4. The concept of compulsory rest for two years for audit firms located in the specified centres, after completion of four years of continuous branch audit, followed till FY 2019-20 has been done away with.

Instead, the branch auditors across all the centres of the country, on completion of four years of continuous branch audit, will be subjected to the policy of rotation i.e. they may be considered for appointment as SBAs of any other PSB.

However, the audit firms will not be eligible to be re-appointed as SBAs, in the same bank where they completed their audit assignment prior to rest/rotation, at least for one cycle of four years.

IMPACT
Cooling concept removed now no cooling after end of 4 years in all cities.

Policy for Selection of Audit firm:

While allotting branches, banks are required to select auditors/audit firms which are in close proximity to their offices/branches. Banks are also required to have a suitable mix of various categories of auditors / audit firms while selecting the branch auditors keeping in view the size of the branches to be audited.

Banks are advised to allot branches, to the extent possible, to the audit firms taking into consideration their category and audit experience in such a way that specialised and larger branches are audited by bigger/experienced audit firms.

 

To download full policies CLICK HERE.

image_pdfPDFimage_printPrint
Previous Post

Think twice before taking GST registration on incorrect or non permanent address or your GST registration will get cancelled

Next Post

File Income tax return by tomorrow or pay Late fees of Rs. 10,000

Related Posts

ICAI has announced a new MBA programme for Diploma in Management and Business Finance
Business & Other News

How many articles can a Chartered Accountant register for articleship?

January 25, 2023
ICAI has announced a new MBA programme for Diploma in Management and Business Finance
Business & Other News

ICAI has launched free task management or practice management software for members in Practice

January 23, 2023 - Updated on January 27, 2023
MCA extends due date for uploading Annual return and Financial statement
Business & Other News

MCA levies penalty on Chartered Accountant as they did not comment on non-compliance by Company in audit report

January 16, 2023
Compliance due dates for June, 2020 | Compliance calendar for June, 2020 | 20+ compliances
Business & Other News

Statutory Compliance Calendar for January 2023 | Income tax, GST and various other laws

January 12, 2023
ICAI has announced a new MBA programme for Diploma in Management and Business Finance
Business & Other News

Results of CA Final and Intermediate students of Nov 2022 to be announced on 10.01.2023

January 6, 2023
PwC is currently hiring across all locations energetic CA Freshers | CAjobs | Job vacancy for CA
Business & Other News

A&A – Manager – Bangalore-Stat Audit | Deloitte | Big4jobs | CAjobs

December 23, 2022
Next Post
Penalty u/s 234F for late filing of income tax return along with some disadvantages

File Income tax return by tomorrow or pay Late fees of Rs. 10,000

Comments 1

  1. CA. M. Lakshmanan says:
    2 years ago

    From our experience, though we are not in the metro ciies, wherein cooling period is followed, our firm was left out after four years of audit of one particular PSB and we are not able to ascertain the reason for the same, in spite our letters to the concrened authorities. It is not known whether the RBI confirms that no CA Firm is lefft out from the list it sends to a particular Bank.
    Further from the allotments made it is ascertained that there is no uniformity in the gross fees per CA/Partner because firm with more partners get very less fees per partner, whereas the individual CA gets more gross fees; some times even four time than a partner in a larger firm gets.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • [Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]
  • 2nd highest Gross GST collection in January 2023, breaching earlier 2nd highest record in the Month of October 2022
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act

Recent Comments

  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023 - Taxontips on Instructions issued by CBDT in response to judgement passed by Hon’ble Supreme court in case of notice issued u/s 148 after 01.04.2021
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023 - Taxontips on Supreme court Judgement on controversial issue of notice u/s 148 issued after 01.04.2021 passed in favor of Revenue | Detailed analysis of full judgement
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony - Taxontips on What is ‘Halwa ceremony’, performed before the budget at Ministry of Finance? What does it signify? | Pre budget facts
  • Leonard Linton on Clarification for the purposes of Section 269ST of the I.T. Act in respect of dealership/distributorship contract in case of Co-operative Societies
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns - Update - Taxontips on Advisory on “Initiating Drop Proceeding” by taxpayers for non-filing of GST returns

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    
  • GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning 79.3k views
  • How to pay Membership and COP fees of ICAI for 2020-21 | 77.8k views
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods 68.1k views

Recent Notification

[Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]

[Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]

February 1, 2023
GST registration

2nd highest Gross GST collection in January 2023, breaching earlier 2nd highest record in the Month of October 2022

February 1, 2023

RSS Taxontips

  • [Live] Updates and Tax changes for Budget 2023 | Tax on cryptocurrency | Income tax and GST udpates in Budget 2023 [Download Bill]
  • 2nd highest Gross GST collection in January 2023, breaching earlier 2nd highest record in the Month of October 2022
  • CBDT instructs Income tax officer to complete 148/ 147 assessment before 31.05.2023
  • Final stage of Union Budget 2023-24 commences with Halwa Ceremony
  • Clarification on entitlement of ITC where place of supply is determined in terms of proviso to sub-section (8) of section 12 of the IGST Act
  • Consequences of Accepting cash while selling a Immovable property, land or house | 100% Penalty
  • How many articles can a Chartered Accountant register for articleship?
  • Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns – Update
  • ICAI has launched free task management or practice management software for members in Practice
  • Clarification regarding the treatment of statutory dues under GST law [Read circular]

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Privacy Policy
  • Terms of use

© 2019-2021 Taxontips.com - Tax assistance at your Fingertips

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!

ITR 1 to 7 now available for FY 2021-22!!File your ITR with an experienced Chartered Accountant

Now File your Income Tax return for F.Y. 2021-22 with an Experienced Practicing Chartered Accountant and not just with any person like other websites offer. Return filing starts at Rs. 500/-

Book ITR filing with Expert

Never see this message again.

Subscribe for Latest Tax Updates
You name
Yourname@email.com

Never see this message again.