Audit , Relevance of Audit of Branches of P.S.U Banks
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Discussion < Audit < Relevance of Audit of Branches of P.S.U Banks
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students zone,CA Students
C.A P. Hareesh Kumar


[ Scorecard :277 ]

May I invite every one for a detailed discussion on the relevance of  statutory Audit of  branches of public sector banks 

There is a move to gently scrap stautory audit of branches which formed a major source of revenue for  our C.A fraternity .  How ever our revenues we shall keep a side for the time being . Need , relevance and importance of such audit in the context of core banking solutions by banking industry  may form the focus  --  Pl air your views  








C.A P. Hareesh Kumar


[ Scorecard :277 ]

Audit by independent Accountants has proved to be an effective deterent against frauds and malpractices . Can core banking solution undermine this -- Definetly - not 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Whose assurances  are more reliable for  the central auditors of the bank   - definetly not that of the internal management but that of  independent professional collegues  


C.A P. Hareesh Kumar


[ Scorecard :277 ]

 Is that  age has come  where in Developments in Information Technology  has   proved to substitute professional judgement of those  with proven credentials     - academic ,  technical , and  experinced - 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

"CHARTERED ACCOUNTANTS ACT" came into force before the  " INDIAN  CONSTITUTION"  this signifies  the importance we had given for a stronger and sound economy    -  Chartered Accountant community has alaways stood up to these expectations   and we shall never be failing in this ---   We  shall stand  up right  -

Do we need to be kept up right  -       Ans no  -   What are the hidden agenda of those going to scrap Audits  -

 

 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Are advances alone is the concern -   Public  is concerned with their deposits as well  -  public have invested in the shares of these banks -  Can these concerns be undermined? 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Apparently  there is a nexus between Ministry Of Finance , RBI, & Bank management aiming to destroy independent statutory audit  -   Are the  the real owners of public sector banks?    


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Letr us discuss the long form audit report  we give in the case of banks - which is more of profesional judgement -   Is core banking capable of substituting this ? 


Anjali Arora


[ Scorecard :11041 ]

First of all we should discuss weather Bank Audit will be alloted or not and whats the limit finalised by RBI


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Manadatory credit rating under Basell  II norms is applicable for all borrowers  above 10 crore limit -  RBI has  mandated the same  indirecrtly   ( PRICING OF LOANS - Risk weightage )    EX Senior excutives are at the helm of all   Credit rating agencies  and most of them follow unethical / coerceive means to enhance their earnings  with the help of bank management -  These control regime is apparently   for their own  pecuniary benifits 

  Bigger amonst the bigs  are few and they default  - majority are small and medium scale borrowers  whose performances are vital to our economy --      How many instances are there  when a medium sized business has been able to get a  AAA/   AA   rating from Credit rating rating agencies, despite performing well ? 

What do all these suggest to the common man  ?  Can  he  take  everything for granted  in the banking scector    which is vital to our economy ?   


C.A P. Hareesh Kumar


[ Scorecard :277 ]

friends  you all post your views .  time is running out 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Recently  The Comptroller & Auditor General of India had commented that  in this country watch dogs  are being asked to take up the Job of accountants - Audits are undermined in genearal in our nation        .   miserable  indeed  ? 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

There are so many issues  which  core banking solution canot bring out -   For instance    calculation of DRAWING POWER  by analysing the   monthly  stock  & receivable statements   - if stock are inflated  by quantity / value   as apparent from the sales turn over  reported  - What checks  and controls are there in branches  as a safe guard against the same -     Another instance  a deteriorating  liqdity position as  signalled by  Current ratio in the quarterly returns   -     An independent   C.A alone can notice and act upon such iregularities ?  Can such controls need to be dispensed with  under the guise of core banking  ? 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

C.A.G  is the apex body that controls the audit of Jammu & Kashmir brank Ltd --  No such proposal to scrap branch audit  by fixing thershold limit at 20 crores has been m,ade by C.A.G ---     seriosness of the highest audit body of the country towards bank audit is evident  thus 


C.A P. Hareesh Kumar


[ Scorecard :277 ]

WELL   ANITHA ARORA   THANKS FOR JOIINING THE DISCUSSION  ---   JUST NOW  I READ YOUR COMMENT THAT\" FIRST WE DISCUSS WHETHER BANK AUDIT WILL BE ALLOTTED OR NOT -- WHAT IS THE ADVANCE LIMIT FIXED BY RBI ----   

"AUDIT OF FINANCIAL ACCOUNTS IS THE EXCLUSIVE PREROGATIVE OF CHARTERED ACCOUNTANTS "     WHAT IS TO BE DISCUSSED IS WHETHER ACCOUNTS IN THIS COUNTRY NEED AUDIT OR NOT    WHETHER IT'S BANK OR OTHER ENTITY 

BANKS HAVE STARTED COMMUNICATING WITH CONTINUING AUDITORS   AND OFFER LETTER CAN BE EXPECTED NEXT WEEK .  THERE ARE NO OFFICIAL OR AUTHENTIC INFORMATIONREGARDING THERSHOLD LIMIT OF ADVANCES 

OUR INSTITUTE MAY PRESS FOR STATUS QOU  ,  SO LONG THE FINAL PICTURE IS NOT CLEAR WE MAY HOPE FOR THE BEST  


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Now Banks have started sending offer letters to continuing Auditors  fixing the thershold limit at 20Crores .

Informal sources qouting a central council member say thet the Institute is making eforts to  maintan  ststus quo but Mr Chidambaram is not yielding 

C.A P. Hareesh Kumar


[ Scorecard :277 ]

Thank you all friends --  None of you except Anitha Arora have anything to say in this matter ?  


C.A P. Hareesh Kumar


[ Scorecard :277 ]

Three major  private sector Banks were alleged to have indulged in money laundering -  Kejariwal had already levelled chrges against HSBC  -

What do all these indiacte or suggest 

 


Harjeet hasija


[ Scorecard :54 ]

Yes Statutory bank audit must not be abolished as CBS (System) can not replace the CA's judging of the financial data, further bank management also gets freedom to run the branches as per thier own judgements and not by the policies and laws. 

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