Selection for Bank Audit

As per my understanding, Professional Development Committee of  ICAI firstly pools the data of all the CA firms through Mulipurpose Empanellment Form.

ICAI then forwards three lists to RBI:-

1. List of auditors stationed at cooling period (applicable to 33 centres viz., Mumbai, Kolapur, Pune, Solapur, Thane, Kolkata, Chennai, Coimbatore, Delhi/New Delhi, Ajmer, Bikaner, Jaipur, Kota, Udaipur, Ahmedabad, Vadodara, Surat, Hyderabad, Chandigarh, Raipur, Faridabad, Gurgaon, Panchkula, Panipat, Sonipat, Bangalore, Ernakulam, Indore, Nagpur, Ludhiana, Jodhpur, Bhilwara and Ghaziabad.) of two years after completion of their cycle of 4 years of branch statutory audit.

2. List of continuing auditors who have yet to complete their cycle of 4 years of allotment of bank branch statutory audit.

3. List containing balance names.

All the three lists categorizes the  CA firm from I to IV.

RBI then forwards the aforesaid three lists to 25 Public sector Bank for selection of Auditors from the said lists. Earlier RBI itself used to allot Audit of Bank branches but now the choice has been left on Bank's Management.