Friday, October 2, 2015

Half yearly/Quarterly Review of Accounts of Public Sector Banks


Concurrent Auditors shall henceforth submit their NPA review reports to the banks and not to Statutory Central Auditors (SCAs). SCAs, for audit purpose will treat the branches covered by Concurrent Auditors as unaudited.

SCAs, will review top 20 branches and take into account reports of overseas branches. They will necessarily cover advances adversely commented upon, so that all problem accounts are taken care of.

The balance portion of stipulated 50% of advances and NPAs, to be covered, will be reviewed by SCAs through CBS of the banks and management inputs.

Based on RBI Circular dt 24/9/15. Please visit www.rbi.org.in for any further clarification if required…..          Poppy