Hike in audit fees sought

KOCHI: Chartered accountants of the country have demanded hike in concurrent audit fees of banks and other internal audit fees. Central council member of the Institute of Chartered Accountants of India (ICAI), Chartered Accountant Venkiteswaralu said this while inaugurating a two-day workshop on ‘Internal Audit & Concurrent Audit’ at The Mercy Luxury Business Hotel, Kochi, on Wednesday. The event is being organised by the Internal Audit Standards Board of ICAI and hosted by the ICAI Ernakulam branch.Keeping in tune with the responsibilities assumed and to commensurate with the time spent by professionals in concurrent audit of banks and other internal audits, reasonable fees must be ensured, he said. As per the minimum fees prescribed recently by the ICAI, New Delhi, clients are advised not to accept below the benchmark level. Chairman of ICAI Ernakulam branch Saji Mathew presided over the function. In the inaugural session, former SIRC chairman, Chennai, Babu Abraham Kallivayalil, delivered a special address. Secretary of Ernakulam branch Minu Mathew proposed a vote of thanks.In the technical session of the first day of workshop, J Venkiteswaralu presented a paper on professional opportunities and responsibilities in internal audit.  M Ramachandran, a practising Chartered Accountant, presented papers on fraud risk assessment and understanding the need for internal control framework. Vikas Oswal, a practising Chartered Accountant from Bangalore, presented papers on overview of risk management practices & case studies on risk management strategies and internal control framework. On the second day, technical sessions on effective tools and process for concurrent audit & internal audit were presented by senior Chartered Accountant Krishna Menon C. Pramod Prabhu from Thrissur presented a paper on the use of risk-based internal audit as tool for good governance. In the other technical sessions, Vikas Oswal from Bangalore presented on drafting of internal audit report and due diligence and emerging trends in internal audit. More than 500 chartered accountants and delegates from all over the state attended the workshop.