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Question ID : 38033

Empanelment for bank audit

Sir ICAI has developed a new software for allocation of branches for statutory audit from 2018 and 2019 It is learnt some banks have not adopted this software and in the absence of such consistency in following a uniform system for allotment of branches it is injustice with those who fall in category IV and live in small towns depending on small firms for audit and allied purposes My question is those falling in above category and after completion of 4th year of audit allotment who have not got audit of public sector banks Also comments solicited on new system for the year 2019 Regards Ashok Aggarwal Moga Punjab

Posted by ASHOK AGGARWAL on Mar 12, 2019

Filed Under AUDIT

Answer ID : 76374

In the Present Scenerio, it is the IV Category Firms who are the most sufferers. CAG is only Empanelling Prop Firms but will never assign any Job. This is because Supreme court had directed, Proprietorship Firms should not be Discreminated against. So they invented this way.Even Concurrent Audits or name any worthwhile Audit, Class IV Firms are not eligible. This is the only profession in India where Small Prop Firms are made ineligible for any worthwhile Audit. Still Many Banks are yet to adopt Institute Suggested Software. Till then wait for Your Luck

Posted by Mahesh Kumar on Mar 16, 2019