In FY 2022-23, the appointment and re-appointment of Statutory Branch Auditors (SBAs) in Public Sector Banks (PSBs) were carried out with the approval of the Reserve Bank of India (RBI). The RBI serves as the approving authority for the appointment of SBAs in accordance with the relevant banking laws and regulations.
All PSBs appointed SBAs for FY 2022-23, following the revised RBI guidelines issued on March 6, 2023. ICAI prepared the bank/branch auditors panel (MEF) for the FY 2022-23 and submitted to RBI for appointment of Bank/ Branch Auditors in due course. These appointments were made by PSBs based on their managerial autonomy.
To ensure transparency, fairness and impartiality, the RBI has instructed PSBs to conduct the selection and allocation of branches to SBAs in a proper manner. Each SBA should not be allocated more than two branches, as per the RBI’s instructions.
The RBI has clarified that it is not responsible for any discrepancies or omissions in the published information regarding the appointment and re-appointment of SBAs or the allocation of branches. However, it has been brought to the RBI’s attention that a discrepancy exists in the branch allocation list submitted by the State Bank of India (SBI). The branch ‘Industrial Finance Branch, Pune’ was audited by CA Firm HMA & Associates but mistakenly shown as audited by CA Firm Goyal and Agrawal in the submitted data.
List of Audit Firms Approved by RBI for Appointment/Re-appointment as SBAs for FY 2022-23 (Bank-wise)
The RBI has published a list of audit firms recommended by the PSBs for approval/validation before their appointment or re-appointment as SBAs on a bank-wise basis for FY 2022-23, as under:
|Bank-wise List of Audit Firms (SBAs) Approved by RBI (FY 2022-23)|
|Bank of Baroda (BOB)|
|Bank of India (BOI)|
|Bank of Maharashtra (BOM)|
|Central Bank of India (CBI)|
|Indian Overseas Bank (IOB)|
|Punjab & Sind Bank (PSB)|
|Punjab National Bank (PNB)|
|State Bank of India (SBI)|
|Union Bank of India (UBI)|
Branch Allocation to SBAs for FY 2022-23 (Bank-wise)
Additionally, the RBI has published a list of branch allocations to SBAs on a bank-wise basis for FY 2022-23, as under: