ICAI changed cut-off date for Bank Branch Auditors Panel; Now it’s 1st July instead of 1st January of every year

The Professional Development Committee of ICAI has notified the Change in cut-off date for Bank Branch Auditors Panel. Its Changed to 1st July instead of 1st January of every year for the Bank Branch Auditors Panel.

As members are aware, every year PDC prepares a Multipurpose Empanelment Panel of Chartered Accountants/firms spread across the country based on multi layered logic for providing it to RBI and others. The cut-off date for the formation of the business and its members is January 1st of each year, taking into account submission of Form 18 up to one month after submission (until January 31st) without condonation for delay for the purpose of preparing the Bank Branch Auditors Panel.

Because the database of firms and members is readily available in the ICAI’s Self Service Portal (SSP) in real time, the ICAI Council decided at its 421st meeting on the 25th and 26th of May 2023 to change the cut-off date for collating data for preparation of Bank Branch Auditors Panel to 1st July instead of 1st January of every year.

Accordingly, the cut-off date for the constitution of the firm and its members will now be as on 1st July, 2023 considering submission of Form 18 up to one month of submission (till 31st July, 2023) without condonation of delay for preparation of Bank Branch Auditors Panel from 2023-24 onwards.

Furthermore, the panel would be established in accordance with the new rules for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks issued by the RBI on March 6, 2023. Members may kindly note.