Requirement for PSBs to complete Statutory Audit by 15th May withdrawn. Earlier the Govt had specified a uniform schedule for Statutory Audit of Public Sector Banks after closure of accounts on 31st March of the financial year
Finance Ministry has withdrawn the circular which required that all public sector banks to follow a uniform schedule and inter alia complete the statutory audit latest by 15th May
As per the extant direction issued, the Ministry had issued the instruction in view of that many public sector banks, their annual financial results are declared in the month of May / June and annual general meetings are called in June, July or even late to get the annual financial results ratified by the shareholders of the bank. The dividend is paid to the shareholders of the Bank only after the annual financial results are ratified by the shareholders of the banks.
The earlier instructed uniform schedule for statutory audit was as under:
| (Latest by) | |
| Completion of Statutory audit of annual financial results | 15th May |
| Adoption of accounts by Audit Committee of Board (ACB) and the Board of the Bank | 18th May |
| Submission of results to RBI and Gol | 25th May |
| Adoption of the accounts of the preceding financial year by the general body of the Bank | 30th June |
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"PSBs to complete Statutory Audit latest by 15th May. Govt specifies a uniform schedule for audit " posted by administrator on March 27, 2020 is incorrect. In fact the letter has withdrawn the guidelines given 2012. Please read the first paragraph of the letter dated 25-3-2020 carefully which says that letter dated 10-2-2012 is "withdrwan". Your post / Article does not convey correct position.
thank you. the same has now been corrected.