18 March 2006

Clarification on Bank Empanelment

Dear members,

Some of the members might have been disappointed on account of the non-allotment of bank branch audit to their firm. In this regard, I wish to draw your attention to the following points:

1. The Announcement hosted on the home page of the ICAI website mentions the reasons in brief from PD Secretariat.

2. Every year, out of 24,000 (approx.) firms which get empanelled, only about 16,000 get allotment. Therefore, sizeable number of firms do not get allotment every year on the basis of internal norms of the RBI.

3. ICAI only processes and forwards the list. It is only the RBI which develops norms and makes allotment on that basis.

4. This year, the non allotment, apart from other reasons, appears to be mainly on account of rejection of less than three years old firm and cooling period wherein, instead of 16 existing centres, 17 more have been added, making it 33 centres.

Hope this will clarify the position with respect to bank Audit empanelment.

regards,
Ashwin Nagar

17 March 2006

Bank Allotment details on ICAI site from 10th march

Dear members,

Name of the Bank to which your firm name, if emapaneled, has been forwarded by RBI will be available on http://www.icai.org/ from 10th March.

The URL is:
http://icai.org:7777/icairoot/announcements/announ508.jsp

Regards,

Ashwin Nagar

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