RBI asks All Banks to adopt ICAI Software on Allotment of Statutory Bank-Branch Audit

Income Tax - ICAI

The Reserve Bank of India ( RBI ) has asked all the banks to adopt the software adopted by the Institute of Chartered Accountants of India ( ICAI ) for the allotment of Statutory Bank-Branch Audit, said ICAI Chief CA Naveen ND Gupta.

The ICAI have over the years expressed our concern on the appointment of auditors of public sector banks by Banks’ Board themselves and on the autonomy given to them. To address this, the ICAI had developed an automated web-based software for the selection of statutory branch auditors of public-sector banks. On the request of the Institute, the RBI requested all banks to take help of this software or any other software to allot bank-branch audit.

Last year, the ICAI software was utilized by three banks, namely Dena Bank, Syndicate Bank and Oriental Bank of Commerce, and we got a letter of appreciation.

“I am happy to share that this year, the majority of banks have taken the demo of this software and many of them have expressed their consent to use the same. With such a vast usage of our software, our concern regarding the autonomy of banks in the selection of bank-branch auditors will be suitably addressed. Moreover, the allotment of the audit will be uniform besides being fair, transparent and equitable,” ICAI President said.