06 September 2005

Non Refundable Charges for Empanlement by Bank of Rajasthan

Dear Fellow Professionals,

Please go through the attachment note the bold sentence.(Emphasis supplied). A nationalised bank is inviting application for empanelment of concurrent auditors with processing fee alongwith the application form. It is high time we all should protest such actions.

It is a shame on the entire profession. Had it been a refundable Earnest Money Deposit, we could understand. What is the logic of asking for non-refundable processing fee? Are we chartered accountants are begging before this bank or other banks for assignments and all so that they are forced to limit the enquiries? It is utter non-sense. We all should unite and tell the bank that this is not the way to assign an audit to a noble professional who is specially trained and experience for this job. ICAI should take up this matter with the bank authorities. It is just like equating a chartered accountant with a street vendor. The bank should be coming to us for getting the audits done and not the other way round and ask for a processing fee also!!!. Ridiculous!!. STAND UP AND SAY NO!

Suppose, out of around 65000 CA's, at least 2000 all over India apply for the same, the bank will be getting Rs. 40.00 lakhs, which will be sufficient for them to pay the concurrent audit fee for at least 40 branches for one year. What a brilliant idea!!!

Your opinion on this is highly appreciated.


  1. Anonymous2:38 PM

    steps may be taken by the institute in this regards otherwise all the banks shall start same system

  2. Charging such a fee is totally unfair as well as unjustified. Institute should take very bold steps against such unfair acts. At the same time it will be duty of all members of ICAI not to pay such fees and get empanelment. Even refundable earnest money also is not acceptable as why we should pay any money (whether refundable or not)for getting empanelment. We are doing their work. If they donot have trust, they should not appoint auditors. If any members of institute does any unfair act, they can very well approach the ICAI which has good system of taking action against indiscipline member.

  3. Anonymous1:29 PM

    why can't such empanalments be centralised thro' our institute thro' a uniform process. let every bank approach our institute for their requirements.
    Mrs. Minal Sathe

  4. Anonymous2:02 PM

    the amtinwords.xla is not attached ... you may keep the file on your / others website.. home page...


  5. Anonymous4:34 PM

    Instiute should come forward, and take serious action against the bank. a case should be filled in court of law for the sam against bank and penalty should be imposed on the bank to asking for EMD.

    To my mind we should even bycott working with such banks unless they came with apology statement in media.


What do you think about this? Please write your comment.

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