The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI), with the bank audit season approaching, has declared the launch of an online panel of experts to support the members with the bank branch audit relevant to the queries for the fiscal year 2024-25.
The Reserve Bank of India (RBI) has issued several critical updates impacting statutory branch auditors (SBAs), including revised Basel III capital regulations, prudential norms for income recognition and asset classification, and changes to the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements.
These, along with other regulatory adjustments, necessitate a thorough understanding and application by auditors. To aid in this, the Institute of Chartered Accountants of India (ICAI) has released the 2025 edition of the Guidance Note on Audit of Banks, reflecting these recent developments and pronouncements and aiming to streamline the audit process.
Read Also: ICAI Updates Guidance Note on Bank Audits With Edition 2025
However, the complexities of bank audits, including diverse customer bases, extensive product ranges, and the need to interpret and apply complex RBI circulars, present significant challenges. To address auditor queries during the 2024-25 audit season, the ICAI’s Auditing and Assurance Standards Board (AASB) has established an Online Panel of Experts, active from April 1st to 15th, 2025. This panel will guide on various audit-related issues, emphasizing that the views expressed are personal and not official ICAI pronouncements. Auditors are advised to submit concise, anonymized queries and to use the guidance as a support resource without relying on it as formal evidence.
Read the Official Announcement by ICAI:
Contact Us
