STATUTORY AUDIT OF PUBLIC SECTOR BANK BRANCHES – RECENT DEVELOPMENTS.

Dear members,

As we are all aware, Reserve Bank of India has proposed a change in the statutory branch audit policy of Public Sector banks for the Financial Year 2011-2012.

As per the proposal, the statutory branch audit is mandatory only for branches having an advance of Rs. 100 Crore and above. As per the available information, it is understood that this limit of Rs. 100 Crore was reduced by RBI to Rs. 20 Crores considering the representation from our Institute side.

Final Communication from Reserve bank of India in this regard is awaited.

If the proposal to exempt those bank branches from annual statutory audit, is made then majority of bank branches will be out of the purview of audit.

This will have a serious adverse implication for the practicing Chartered Accountants.

We, the practicing CA Community, must try its level best to fight this attempt to undermine the importance of audit at any cost.

An informal meeting of Chartered Accountants to be held at the earliest to discuss this matter and chart out the action plan.

Share your thoughts at : tonyfca@rediffmail.com

( the suggestions received from the members will be posted on the blog: www.mptony.blogspot.com)

With warm regards,

M.P.Tony

C Form furnished late, the benefit of reduced tax??

Dear all,

find below a mail from a friend.

Can you please send me any supreme court or high court cases in support of allowing reduced rate of 4% in cases where C forms are furnished late that is after close of financial year as per VAT Act. There are cases in KGST period that is prior to 31.03.2005. Please treat it as urgent.

If you have the case law, please forward to my mail id: tonyfca@rediffmail.com

hai friends................I am here!

Dear friends,

Due to unavoidable reasons, I was totally occupied for some time..........and couldn't update my blog.

Now I am online..........

Tony.M.P