1. BANKING SECTOR- OPPORTUNITIES FOR CMAS
Presentation by CMA R P Gore
for ICMAI-Aurangabad Chapter ON 10TH MAR., 18

2. Banking sector opportunities
CMA
Banking sector
IN PROFESSION
IN SERVICE
Indian Banking sector growing & lot of opportunities for CMAs – in service and in profession Although CMAs in profession have got lessor number they are seen as image of profession . More emphasis is given on professional opportunities

3. BANKING SECTOR OPPORTUNITIES - FOR CMA IN EMPLOYMENT
In banks, there are positions / opening in officer grade for which CMAs are well qualified
However we find that Chartered Accountants still have preference & in recent advertisements of SBI & Maharashtra State Co-operative Bank, CMAs were ignored
It is our say that if the CMAs do project appraisals there would be certainly reduction in NPAs as they are better equipped to do analysis / viability of the project

4. Types of Banks
Public Sector Bank
Private Sector Bank
Rural Bank
Foreign Banks
Urban C0 Operative Bank
Co-operative Banks
Payment Bank like paytm
Special purpose banks like NABARD, SIDBI

5. CMA PROFESSIONALS -WHAT WE CAN OFFER TO BANKS
Financial Audit (Co-Op. Banks only in Mah & Karnataka)
Concurrent Audit J & K bank & some other rural banks
Internal Audit (Risk Based Internal Audit)
Revenue Audit Revenue leakage Audit
Stock Audit (CBI,BOM, Cosmos, ..IOB)
Forensic Audit , System Security Audit (DISA)
Project Finance, IFRS Implementation & Certification (IDBI Case) etc

6. Points in support
Our institute formed by Act of parliament , Code of conduct for members Ministry of Finance circular to include CMA in Internal audit, information system (security) audit & Concurrent audit C & AG Letter IBA Letter List of Audits allowed to us The Companies Act 2013 & other contentions

7. Points in support - Continued
The Judgement of Honourable Karnataka High Court ‘…..Audit is not the domain of Chartered Accountants’ The Judgement of the Honourable Supreme Court in IAAL Vs Shetty case ‘The State can not discriminate …..’

8. Annexure a concurrent audit– RBI Notification
Annexure a concurrent audit– RBI Notification
We refer for Concurrent Audit the RBI Notification RBI/ /133 DBS CO ARS NO BC 2/ / dated July 16, 2015 for selecting / appointment of outside professional Auditor There is no insistence for selection / appointment of ‘Chartered Accountant’ as outside professional auditor. (the word’ Chartered Accountant’ is used only once in the total notification that also with respect to remuneration.)

9. Annexure A Concurrent audit- RTI reply
There is also RBI’s reply to RTI application of CMA Navneet Jain which clarifies the matter We quote ‘As per the RBI instruction to Scheduled Commercial bank on concurrent audit the option to consider whether the audit should be done by bank’s own staff or external auditors (including Cost Accountants) is left to the discretion of individual banks’ unquote

10. Annexure A–Concurrent audit MINISTRY OF FINANCE guide lines
The Ministry of Finance, Department of Financial Services (henceforth called as DFS) in the guidelines on ‘Internal audit, Information audit & Concurrent audit’ through its master circular dated 28th June, 2012 says that for appointment of outside professional auditor for concurrent Audit only ‘Firm of Chartered Accountant’ should be considered 

11. Annexure A –Concurrent Audit the REAL PROBLEM
As per DFS guidelines, for selection of auditor, the RBI Panel is to be used. There is no separate RBI Panel for Concurrent Audit & hence Statutory Auditor’s panel is used. As this panel is formed by Institute of Chartered Accountants, Cost Accountants do not have chance to get empaneled. This may not do justice to our capabilities.

12. ADVANTAGES Round the year work All over India work
Entry for New / young CMA
Exposure to various Industries
Establishing our Identity in Banks &
Developing relations

13. How to prepare / make us ready –Basic steps
Form Partnerships
Get Experience, knowledge of the industry/ unit
Face the examinations & get qualified
Start from ‘0’
Try to get empaneled know criterias / selection process

14. How to prepare / make us ready
Study – books published by the Institute
Study – Get Experience where ever possible
Understand – Risk
Understand- Various Allied Laws
Understand- Reporting Format
Plan the Audit , Inform & Act
Care to keep Proper records

15. Faq only by CMA
For last 10 years I am in search of partner, but could not find a proper person…………………
In the experience column, I do not have Audit experience
Can I give certificate………………….
The quote / what amount to quote………………………..

16. Faq only by CMA continued -
Whether I woul d be able to complete the assignment…
I do not have sufficient staff….
I do not want to keep any file in records…….
Fees are small. Whether to do assignment……

17. Thanks a lot AFTER PNB SCAM , WE CAN SURELY SAY, WE ,THE CMAs
IN ALL POSIBILITIES,
CAN NOT DO AUDIT
AS WORSE AS THAT!!!!!!
FOND MEMORIES OF AURANGABAD !