You may be aware that a letter has been issued by Reserve Bank of India to the nationalised banks fixing the norms for determining the auditable branches for statutory audits by Chartered Accountants. It has been communicated by RBI to the nationalised banks that the criteria for selection of branches of bank for audit shall be only those branches whose advances are above Rs.5 crores. This limit hitherto was Rs.1 crore.
This may cause great inconvenience and discomfort to many practising Chartered Accountants in their not getting the appointment/allotment of bank branch audits.
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