ICAI had been working to address the concern on the appointment of auditors in the public sector banks by Banks’ Board themselves and on the autonomy given to them. In this regard, ICAI has developed automated web-based software for the selection of statutory branch auditors of public-sector banks.
On ICAI request, the RBI requested all banks to take help of this software or any other software to allot bank-branch audit. Last year three banks, namely Dena Bank, Syndicate Bank and Oriental Bank of Commerce had utilised the software.
Majority of banks have taken the demo of this software and many of them have expressed their consent to use the same. With such a vast usage of ICAI software, the autonomy of banks in the selection of bank-branch auditors will be suitably addressed and the allotment of audit will be uniform besides being fair, transparent and equitable.