Results 1 to 6 of 6

Thread: Bank Branch Audit - Statutory Audit with Tax Audit

  1. #1
    Umesh Saini
    Guest

    Default Bank Branch Audit - Statutory Audit with Tax Audit

    Wether banks are allotting statutory audit with tax audit as per earlier policy or they have changed the policy to allotting audits? Any idea about the fee also may be discussed?

  2. #2
    Umesh Saini
    Guest

    Default

    As per the information spread amoung the professionals, State Bank of India is not allotting tax audits alongwith statutory audit. Instead SBI has allotted the tax audit only to one firm which is based at Mumbai? Is it correct.

  3. #3
    Senior Member
    Join Date
    Mar 2010
    Posts
    374
    Blog Entries
    15

    Default Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 2006-07

    RBI/2009-10/281
    Ref.DBS.ARS.BC.No.09/ 08.92.001/ 2009-10

    December 31, 2009

    The Chairman & Managing Director, all Nationalised Banks and
    The Managing Director, Associate Banks of SBI

    Dear Sir/Madam,

    Remuneration payable to the Statutory Central and
    Branch Auditors of Public Sector Banks from the year 2006-07

    Please refer to our circular DBS.ARS.No.BC.3/08.92.001/2007-08 dated July 25, 2007 on the captioned subject.

    2. The matter regarding assignment of the tax audit work to one of the SCAs and fee payable to SCA so selected was reviewed and it has been decided that PSBs may appoint at the Head office level also any chartered accountant firm as their tax auditor at a reasonable fee with the approval of their Board /ACB.

    3. Please acknowledge receipt.

    Yours faithfully

    (P.S. Sharma)
    General Manager

  4. #4
    Senior Member
    Join Date
    Mar 2010
    Posts
    374
    Blog Entries
    15

    Default Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 2006-07

    RBI/2007-2008/101
    DBS.ARS.BC. No. 3/ 08.92.001/ 2007-08

    July 25, 2007

    To,
    The Chairman & Managing Director, all Nationalised Banks and
    The Managing Director, Associate Banks of SBI

    Dear Sir/Madam,

    Remuneration payable to the Statutory Central and
    Branch Auditors of Public Sector Banks from the year 2006-07

    Please refer to our circular DBS.ARS.No.BC.08/08.92.001/2006-07 dated June 06, 2007 on remuneration payable to statutory central and branch auditors of public sector banks for the year 2006-07. As regards fees in respect of tax audit we advise as under:

    (i) The SCAs as hitherto may be assigned the Tax Audit work at the banks’ Head Office level ;
    (ii) In order to maintain transparency and a fair distribution of work arrangement amongst the SCAs, tax audit work may be allotted by the banks to one of the existing SCAs by rotation and in consultation with the SCAs/ ACB;
    (iii) The fee for tax audit payable to SCAs may continue to be paid at 20% of basic audit fee as prescribed hitherto;
    (iv) As regards tax audit at branch level/ Controlling Office level, it has been decided that PSBs may decide on their own in consultation with ACB/ Board, the appointment of auditors as also the audit fees payable to them; and
    (v) The system at (i) to (iv) above will be effective from the current year i.e. 2007-08. As regards the year 2006-07, the fee payable for tax audit at HO/Controlling Office and branches may be paid at the existing rate of 20% and 15% of basic audit fee to SCAs and branch auditors respectively.

    Please acknowledge receipt.

    Yours faithfully

    (P.S. Sharma)
    General Manager

  5. #5
    Senior Member
    Join Date
    Mar 2010
    Posts
    374
    Blog Entries
    15

    Default Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 2006-07

    RBI/2006-2007/429
    DBS.ARS.No.BC. 08 / 08.92.001/ 2006-07

    June 6, 2007
    Remuneration payable to the Statutory Central and
    Branch Auditors of Public Sector Banks from the year 2006-07
    Attached Files Attached Files

  6. #6
    Senior Member
    Join Date
    Mar 2010
    Posts
    374
    Blog Entries
    15

    Default Unique Code Numbers

    Unique Code Numbers - for bank audit
    http://www.meficai.org/new_unique_codes.jsp

Similar Threads

  1. what qualification require to take bank audit apart from chartered accountant?
    By vivekkumar in forum Accounting, Auditing and IFRS
    Replies: 4
    Last Post: 20-09-2013, 02:01 PM
  2. What is meant by audit of the books of account?
    By queriest in forum Other issues under Direct Tax Laws
    Replies: 1
    Last Post: 18-03-2010, 03:41 PM
  3. Latest RBI guidlines and circulars which have impact on Bank Branch Audit
    By queriest in forum Other issues under Direct Tax Laws
    Replies: 1
    Last Post: 15-03-2010, 07:21 AM
  4. Quaility in Audit
    By queriest in forum Other issues under Direct Tax Laws
    Replies: 1
    Last Post: 15-03-2010, 07:17 AM
  5. What are the Audit Ceiling Limits ?
    By vivekkumar in forum Accounting, Auditing and IFRS
    Replies: 1
    Last Post: 24-02-2010, 05:38 PM

Tags for this Thread

Bookmarks

Posting Permissions

  • Register / Login to post new threads
  • Register / Login to post replies
  • Register / Login to post attachments
  • You may not edit your posts
  •