Wednesday, July 10, 2013

[aaykarbhavan] Conflicting RBI guidelines and Code of Ethics

Read new guidelines issued by RBI for appointment of Statutory Auditors where they have said regarding certification of LFAR and other documents previously done by statutory auditors shall now be done by concurrent auditors due to change in threshold limit.

Is the said issue not in conflict with "Code of Ethics" Certification/Attestation of any kind can't be done by Concurrent auditor being not considered independent.


Relevant extract of the said guidelines are as follows:


"B. Statutory Branch Auditors (SBAs)

….
i. In respect of branches below the cut-off point, which are subject to concurrent audit by chartered accountants, henceforth, LFARs and other certifications done earlier by SBAs will now be submitted by the concurrent auditors and such branches may not generally be subject to statutory audit.
….."



http://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=946


Views of Members solicited for discussion


--
CA Nipun Singhvi
B.Com.(Hons.),BCCD,ACA,LCS,IFRS Certified(ICAI),Certified Forensic(ICAI)
nipunsinghvi@yahoo.com
canipunsinghvi@gmail.com

Mobile: 98290-31411,93275-55933



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