Bank Audit Allotment Status Updates
A news eagerly awaited by all.
However, the bad news this time again is that the number of eligible auditors / audit firms is more than the number of branches to be audited at the following 33 centres which are as under:
Delhi / New Delhi,
Bhilwara, and Ghaziabad).
In such centres, the auditors or audit firms will be put to a period of compulsory rest for two years after completion of four years of continuous branch audit.
In other centres, where the number of eligible auditors / audit firms is less than the number of branches to be audited, the branch auditors on completion of four years of continuous branch audit will be subjected to the policy of rotation.
All the bank autonomy in alloting the audit and making the choice is over as is Banks using software. Following 8 banks have opted for auto allotment mode :
Bank of Baroda
Central Bank of India
Indian Overseas Bank
Oriental Bank of Commerce
Punjab & Sind Bank
Punjab National Bank
State Bank of India
United Bank of India
BOI, Andhra Bank, Corporation bank have started the process of getting confirmation from new auditor by asking irrevocable consent letter.
However , sources have confirmed that other bank have not done it as RBI put a mail to the bank to hold the process.. because of error in panel..
We will keep updating about the latest status soon in the coming week.
Till then, Hold on !!