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ICAI issued 2024 Edition of Guidance Note on Audit of Banks

ICAI Address all Bank Branch Audit

As per the recent update, the Auditing and Assurance Standards Board (AASB) of ICAI has established an online panel consisting of experts to answer all the queries related to Bank Branch Audit for the financial year 2023-24

The bank audit season is approaching and the Reserve Bank of India (RBI) has made various important announcements that require the attention of Statutory Branch Auditors (SBAs). It comprises of revised guidelines on Basel III capital regulations, prudential norms for income recognition, asset classification, and provisioning about advances, and master directions on external commercial borrowings, trade credits and structured obligations, Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR), transfer of loan exposures, and presentation & disclosures of financial statements of banks.

2024 Edition of the Guidance Note on Audit of Banks is issued by the Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) to guide the members regarding the aforesaid developments. To show the recent pronouncements by ICAI pertinent to bank audits and any amendments/changes in applicable laws or regulations the Guidance Note has been updated.

The banking industry is typical with regard to its geographical reach and diverse customer base, including the comprehensive range of products and services offered, conducting audits within the provided timelines secures multiple challenges for the members. Such challenges might consist of perseverance of Non-Performing Asset (NPA) status, implication of complicated data discovered at the time of branch audits, facing situations where pertinent to the RBI circulars are unavailable, comprehending the implications of requirements of RBI circulars, assessing the nature and adequacy of documentation, defining appropriate wordings for audit reports on crucial matters in bank branch audits, addressing reporting needs for Long Form Audit Reports, regarding suggestions from committees like Ghosh and Jilani, and preparing special purpose reports and certificates etc. To carefully execute the bank branch audits these requirements highlight the importance of thorough preparation and staying updated with regulatory guidelines.

Intending to support the members for quick resolution of such queries, AASB is delighted to announce an Online Panel of Experts for addressing Bank Branch Audit-related queries for the financial year 2023-24. From 1st April 2024 till 30th April 2024 the Panel will address queries.

The queries are to be sent to the email address:

Panel Convenors

CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB and CA. Vishal Doshi, Vice Chairman, AASB

The members are notified that the opinion shown by the experts of the panel shall be their personal views and not importantly the assertions of the AASB or the ICAI. AASB, ICAI, or the experts of the Panel, do not accept any liability for the measures opted via the queries founded on this guidance. Such opinions do not serve as proof in any non-judicial/ quasi-judicial/ judicial proceeding to any authority.

You are suggested to the below-specified things to enable us to deliver you effectively.

  • Be brief though furnish complete details.
  • Do not specify the name of the Bank or Branch or the name of the Borrower or Depositor to avoid the problem of breach of client confidentiality provisions under the ICAI’s Code of Ethics.
  • Avoid responses.
  • Not to send the identical query twice.
  • Draft your report
  • Use your judgment.

Read the Official Announcement by ICAI: Click here

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