The Reserve Bank of India has issued revised formats of Long Form Audit Report (LFAR) for banks and their branches vide its circular dated September 5, 2020 which are applicable for audits for financial year 2020-21 and onwards. Revised formats of LFAR contain several significant changes and several new reporting requirements vis-à-vis earlier formats of LFAR. The Auditing and Assurance Standards Board of ICAI undertook the task of developing a specific Technical Guide to provide appropriate guidance to the auditors of banks on revised formats of LFAR.
We feel immense pleasure in placing in hands of the members this “Technical Guide on Revised Formats of Long Form Audit Report” issued by the Board. The Technical Guide was initially developed by a study group constituted by the Board for this purpose and thereafter it was finalised with the contribution of the Board members. The Technical Guide has been written in easy to understand language and provides detailed guidance on various reporting requirements contained in revised formats of LFAR. We may caution the members that this Technical Guide is not a substitute for the publication “Guidance Note on Audit of Banks 2021 Edition” issued by the Board and this Technical Guide should be used in conjunction with the Guidance Note.
At this juncture, we wish to place on record our sincere gratitude to CA. Pramod Jain, Central Council Member and Co-convenor of the study group for sparing time out of his other preoccupations to develop this Technical Guide.
We express our sincere thanks to CA. Nihar N Jambusaria, Honourable President, ICAI, CA. (Dr.) Debashis Mitra, Honourable Vice-President, ICAI and CA. Atul Kumar Gupta, Honourable Immediate Past President, ICAI for their guidance and support to the activities of the Board.
We also express our sincere thanks to all the Board members for their suggestions, support and guidance in finalising this Technical Guide. We appreciate the contribution made by CA. Megha Saxena, Secretary, AASB, CA. Rajnish Aggarwal, Assistant Director and CA. Parul Gupta, Research Fellow in finalizing this Technical Guide.
We are confident that the members would find this Technical Guide immensely useful.
CA. Shriniwas Y. Joshi
Vice Chairman, AASB
CA. G. Sekar