Fees Structure for Statutory Audit of Regional Rural Bank is very low

[Ca Sunil Kumar Rastogi]

Dear Professional Colleagues,

 

Please find attached files for fees structures of Statutory Audit of Regional Rural Banks RRBs appointed by NABARD.

Please compare with Fees Structures of Statutory Audits of Nationalized Banks appointed by RBI.

 

While comparing both Fees Structures, the followings points emerges:

 

1. The fees structure given by RRBs are very very lower as compare to Fees structure given by RBI.

    - RRBs - Loan  and Advances above Rs. 7.5 Crores is 5500/-

    - RBI - Loan and Advances above Rs. 7.5 Crores is started from 15,000/- to 2,00,000/-

 

2. Fees of RRBs includes Fees Audits of Tax Audits and LFAR, while in case of RBI fees in exclusive of Tax Audit and LFAR.

 

3. Audit volume is much higher in case of RRBs as compare to RBI.

 

4. Chances of frauds are much higher in case of RRBs for loan and Advances as there are no proper supervision.

 

5. terms of TA and DA is around NIL in case of RRBs.

 

6. fees of 25 Branches of RRBs is less than fees of one Branch of RBI.

 

What is to be done by Chartered Accountants?

 

1. Whether the said assignment of RRBs Branches should be accepted by CAs?

2. Whether We must follow-up the matter with RRBs for increase the fees?

3. Whether the matter must be taken by ICAI in this regard?

4. How to move for such a problem?

 

Please comment and initiate your advise for betterment of CAs community as a whole.

 

regards

 

CA Sunil Kumar Rastogi
BCOM, LLB, FCA, DISA, WTO-II

Rastogi Sunil and Associates
Chartered Accountants

Akarsh Fincap Services Pvt Limited
(All Financial Solutions)

114 Vikasdeep Building,
Laxmi Nagar District Centre
Delhi - 110092
Ph : 011-22452437, 22455437,
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