Information regarding Association with Public Sector Banks - (22-12-2008)

12:24 PM
The Institute has been receiving a number of complaints from Members to
the effect that in the interval between sending the application for Bank
empanelment and allotment of Bank audits, they have accepted concurrent
audit and similar assignments in various Banks, and thereafter, they find
that they have been allotted audits in those Banks where they are already
engaged in such assignments. This has caused hardship to them. Similar
problems are faced by those who have accepted the Directorship or have
availed loan from Public Sector Banks (including outstandings in respect of
credit cards)/given any guarantee in respect of any loan etc. In view of
the situation, this matter was taken up with the RBI. Accordingly firms/
Members who apply for Bank Empanelment and subsequently accept other
assignments from Banks or get associated as Directors or are indebted or
give guarantee should therefore inform the Institute *in the following Form,
* the details of such engagements accepted after submission of Multipurpose
Empanelment Form to the Institute. It should be noted that assignments
accepted which are not informed to the Institute by the 15th January, 2009,
will not be forwarded by the Institute to the RBI, and in such cases the RBI
may allot audits in the same banks where they are otherwise engaged. *FORM
FOR INTIMATING THE ICAI ABOUT ENGAGEMENTS
ACCEPTED*

http://www.icai.org/resource_file/14372announ221208.pdf

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