ICAI Clarification on Limit of Advances for Bank Branch Audit
The ICAI vide Press release dt. 12th June 2013 has clarified that the present limit for Statutory Bank Branch Audit is still Rs. 20 crore (of advances) and not Rs. 50 crore as being erroneously reported in some sections of the media. Further ICAI has asserted that concerted and strategized efforts are being made to convince the Government to reduce the limit to Rs. 6 crore, in public interest.