APPOINTMENT OF BANK AUDITORS – DELEGATION OF AUTHORITY TO BOARD OF DIRECTORS OF BANKS – CA’s UP IN ARMS
A delegation led by Mr. Vinod Jain, Member Central Council of The Institute of Chartered Accountants of India and Mr. Avineesh Matta, President, AICAS met Shri Uttam Prakash Agarwal, President of the Institute of Chartered Accountants of India and Shri Amarjit Chopra, Vice
President ICAI on 7th March, 2009. The president and vice president apprised the members of the delegation about actions being taken by the Institute including meeting Mr. Pawan Bansal State Minister of Finance, meeting RBI Executive Director and General Manager as well as meeting Deputy CAG to ensure that branch auditors as well as central statutory auditors of banks are appointed by an Independent Regulatory Authority in future. The Council of the Institute is committed to vigorously take up the aforesaid matter. The President and Vice President of the Institute committed to the delegation that the Institute will further intensify its efforts to take up the
matter at the highest level in the Government including the Prime Minister, RBI Governor, senior bureaucrats as well as senior political leaders to convince them that in the interest of corporate governance as well as in the interest of equitable allocation of bank audits, it is important that the appointment of auditors are made by independent regulatory authority and Board of Directors of the banks should not be allowed to appoint auditors. The earlier system designed at the behest of the then secretary NIRC Mr. Vinod Jain in 1983 has worked well for last 25 years plus and is only needed to be more transparent and equitable. The All India Chartered Accountants’ Society and the members of the delegation assured the Institute to supplement Institute’s efforts including meetings with senior political leaders, bureaucrats and media. The delegation included Mr. Pramod Kapur, Vice President
AICAs, Mr. Ajay Matta, Mr. Rajiv Kohli, Mr. Rajesh Rustagi, Mr. Yatinder Khemka, Mr. Pramod Jain, and Mr. Manoj Pahwa, Mr. Deepak Bahl, Mr. Sanjiv Sood, Mr. V.P. Jain, Mrs. Binu Nanda, Mr. Sanjiv Goel besides large number of senior and young chartered accountants.
President ICAI on 7th March, 2009. The president and vice president apprised the members of the delegation about actions being taken by the Institute including meeting Mr. Pawan Bansal State Minister of Finance, meeting RBI Executive Director and General Manager as well as meeting Deputy CAG to ensure that branch auditors as well as central statutory auditors of banks are appointed by an Independent Regulatory Authority in future. The Council of the Institute is committed to vigorously take up the aforesaid matter. The President and Vice President of the Institute committed to the delegation that the Institute will further intensify its efforts to take up the
matter at the highest level in the Government including the Prime Minister, RBI Governor, senior bureaucrats as well as senior political leaders to convince them that in the interest of corporate governance as well as in the interest of equitable allocation of bank audits, it is important that the appointment of auditors are made by independent regulatory authority and Board of Directors of the banks should not be allowed to appoint auditors. The earlier system designed at the behest of the then secretary NIRC Mr. Vinod Jain in 1983 has worked well for last 25 years plus and is only needed to be more transparent and equitable. The All India Chartered Accountants’ Society and the members of the delegation assured the Institute to supplement Institute’s efforts including meetings with senior political leaders, bureaucrats and media. The delegation included Mr. Pramod Kapur, Vice President
AICAs, Mr. Ajay Matta, Mr. Rajiv Kohli, Mr. Rajesh Rustagi, Mr. Yatinder Khemka, Mr. Pramod Jain, and Mr. Manoj Pahwa, Mr. Deepak Bahl, Mr. Sanjiv Sood, Mr. V.P. Jain, Mrs. Binu Nanda, Mr. Sanjiv Goel besides large number of senior and young chartered accountants.
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