Bank Audit – 2019 Allotment Status

Bank Audit - 2019 Allotment Status

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Bank Audit – 2019 Allotment Status

March is the time of allotment of the bank audit and the banks have started procedure.
As per the information available as of now, following 8 banks are opting Institutes software to appoint Branch Statuary Auditors .
1. PNB,
2. BOB,
3. Central Bank,
4. P&SB,
5. United Bank,
6. OBC,
7. Vijaya Bank &
8. Dena Bank
Further UCO bank has already initiated sending e mails.
The firms which were eligible as per PDC empanelment list and their four year term already expired are requested to keep an eye on their registered e mails.
This year, above bank is following the system of allowing bank audit as per ICAI for audit allotment which means they the allotment would an done on MERITS only and no choice of manipulation as to branch allotment would be there.
Further, allotment would be done on the basis of city as per enpamlement as well as city as per the data base. This would save the cost of the bank towards reimbursement of expenses and also the time needed for completing the audit.
Prior to the use if software, a manila system of audit allotment were in operation whereby the allotment was possible as per the whims and mercies of the officer in the bank. It has even so happened they the CA firm is Delhi is allotted the audit of Kerala and the CA firm in Kerala is allotted the audit of branches I. Delhi which was adding to the cost of statutory audit. Intentionally or unintentionally, all this practices would be put to an end if allotment is done by the software.
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