bank audit

Important amendments to IRAC norms for bank branch auditors-2022

Fema / RBI - The RBI had issued certain clarifications vide its notification dated 12th Nov 2021 with a purpose to more accurately interpret the extant IRAC norms which we must keep in mind while conducting branch audits this time. The gist of the same are reproduced below which are very important from the perspective of deciding correct date [&hellip...

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RBI Guidelines on Statutory Central Auditors for banking

Fema / RBI - If you have not read the latest and hotly discussed RBI guidelines on appointment of Statutory Central Auditors (SCAS)/Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021, let me reproduce the same below for ready reference from RBI website. Let us discuss the above guidelines in ...

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Guidelines for Appointment of Statutory Auditors of NBFCs (including HFCs)

Fema / RBI - This article is in respect to ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)’ issued by RBI vide DoS.CO.ARG/SEC.01/08.91.001/2021-22 dated 27/04/2021 The guidelines are issued for appointment/reappointment Statutory...

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Bank Audit 2021- NPA & Asset Classification

Fema / RBI - Non- Performing Asset An asset, including a leased asset, becomes non performing when it ceases to generate income for the bank. Hence, in a simple words a non performing asset (NPA) is a loan or an advance where; – When interest and/ or instalment of principal remain overdue for a period of more than 90 […]...

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Bank Audit 2021- Decoding Multiple Banking & Consortiums

Fema / RBI - In October 1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit. However, Central Vigilance Commission (CVC), Government of India...

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Expert panel formed to address statutory bank branch audits queries

Fema / RBI - The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of issues/ queries while condu...

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ICAI Guidance Note on Audit of Banks (2022 Edition)

Fema / RBI - Your comments on this Exposure Draft -Guidance Note on Audit of Banks (2018 Edition) should reach us by January 13, 2018. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to:...

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Exposure Draft of Guidance Note on Audit of Banks, 2022 edition

Fema / RBI - Exposure Draft of Guidance Note on Audit of Banks, 2022 edition issued by the Auditing and Assurance Standards Board As you may be aware that every year the Auditing and Assurance Standards Board of the ICAI brings out the publication ‘Guidance Note on Audit of Banks’ to provide guidance to the members carrying out audits [&he...

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Rationalise eligibility criteria for appointment of statutory auditors of Banks

Fema / RBI - Representation seeking rationalisation of eligibility criteria for appointment of statutory auditors for of Commercial Banks (excluding RRBs), Urban Cooperative Banks (UCBs) and NBFCs (including HFCs)...

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Representation to RBI on Appointment of Statutory Central Auditors

Fema / RBI - Representation to the Reserve Bank of India on Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) RBI/2021-22/25 – Ref. No. DoS. CO.ARG/SEC.01/08.91.001/2021-22 Dated April 27, 2021 About us Bombay Chartered Accountants’ So...

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Kolkata HC stays removal of erstwhile Auditors of Allahabad Bank

Gupta Shome and Associates & ors. Vs. Reserve Bank of India & anr. (Kolkata High Court) - It is the case of the petitioners that they have been appointed as Statutory Branch Auditors by the erstwhile Allahabad Bank, which has now been merged into Indian Bank....

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RBI issues Guidelines for Appointment of Statutory Auditors

Press Release: 2021-2022/115 / Notification No. RBI/2021-22/25 Ref. No. DoS. CO. ARG/SEC.01/08.91 .001/2021-22 - (27/04/2021) - Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs Reserve Bank of Indiaand NBFCs (including Housing Finance Companies)...

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RBI Guidelines for Appointment of Statutory Auditors – FAQs

RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 - (27/04/2021) - As per Para 6.4, whether the time gap of one year between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities has to be ensured for all the Entities in the Group or the RBI Regulated Entities in the Group?...

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RBI revises Long Form Audit Report (LFAR) after 18 Years

RBI/2020-21/33 Ref.No.DOS.CO.PPG./SEC.01/11.01.005/2020-21 - (05/09/2020) - Keeping in view the large scale changes in the size, complexities, business model and risks in the banking operations, a review of the LFAR formats, in consultation with the stakeholders, including the Institute of Chartered Accountants of India (ICAI), was undertaken and it has been decided to make...

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Statutory Branch Audit of Banks – Guidelines Revised- COVID-19

DOS.ARG.No.6605 /08.91.001/2019-20 - (27/04/2020) - In view of the difficulties expressed by certain banks in the matter of conducting Statutory Branch Audit in PSBs on account of lockdown situation prevailing due to the spread of COVID-19 in the country, the matter was examined by RBI....

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COVID19 Regulatory Package – Resolution of Stressed Assets

RBI/2019-20/219 DOR.No.BP.BC.62/21.04.048/2019-20 - (17/04/2020) - Reserve Bank of India RBI/2019-20/219 DOR.No.BP.BC.62/21.04.048/2019-20 April 17, 2020 All Scheduled Commercial Banks (excluding Regional Rural Banks); All India Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); All Systemically Important Non-Deposit taking Non-Banking Financial Companies ...

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Recent Posts in "bank audit"

Important amendments to IRAC norms for bank branch auditors-2022

The RBI had issued certain clarifications vide its notification dated 12th Nov 2021 with a purpose to more accurately interpret the extant IRAC norms which we must keep in mind while conducting branch audits this time. The gist of the same are reproduced below which are very important from the perspective of deciding correct date [&hellip...

Read More
Posted Under: Fema / RBI |

Expert panel formed to address statutory bank branch audits queries

The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many a times, face a lot of issues/ queries while condu...

Read More
Posted Under: Fema / RBI |

ICAI Guidance Note on Audit of Banks (2022 Edition)

Your comments on this Exposure Draft -Guidance Note on Audit of Banks (2018 Edition) should reach us by January 13, 2018. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. The comments should be sent to:...

Read More
Posted Under: Fema / RBI |

Exposure Draft of Guidance Note on Audit of Banks, 2022 edition

Exposure Draft of Guidance Note on Audit of Banks, 2022 edition issued by the Auditing and Assurance Standards Board As you may be aware that every year the Auditing and Assurance Standards Board of the ICAI brings out the publication ‘Guidance Note on Audit of Banks’ to provide guidance to the members carrying out audits [&he...

Read More
Posted Under: Fema / RBI |

Rationalise eligibility criteria for appointment of statutory auditors of Banks

Representation seeking rationalisation of eligibility criteria for appointment of statutory auditors for of Commercial Banks (excluding RRBs), Urban Cooperative Banks (UCBs) and NBFCs (including HFCs)...

Read More
Posted Under: Fema / RBI |

RBI Guidelines on Statutory Central Auditors for banking

If you have not read the latest and hotly discussed RBI guidelines on appointment of Statutory Central Auditors (SCAS)/Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021, let me reproduce the same below for ready reference from RBI website. Let us discuss the above guidelines in ...

Read More
Posted Under: Fema / RBI |

Representation to RBI on Appointment of Statutory Central Auditors

Representation to the Reserve Bank of India on Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) RBI/2021-22/25 – Ref. No. DoS. CO.ARG/SEC.01/08.91.001/2021-22 Dated April 27, 2021 About us Bombay Chartered Accountants’ So...

Read More
Posted Under: Fema / RBI |

Guidelines for Appointment of Statutory Auditors of NBFCs (including HFCs)

This article is in respect to ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)’ issued by RBI vide DoS.CO.ARG/SEC.01/08.91.001/2021-22 dated 27/04/2021 The guidelines are issued for appointment/reappointment Statutory...

Read More
Posted Under: Fema / RBI |

RBI issues Guidelines for Appointment of Statutory Auditors

Press Release: 2021-2022/115 / Notification No. RBI/2021-22/25 Ref. No. DoS. CO. ARG/SEC.01/08.91 .001/2021-22 27/04/2021

Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs Reserve Bank of Indiaand NBFCs (including Housing Finance Companies)...

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RBI Guidelines for Appointment of Statutory Auditors – FAQs

RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 27/04/2021

As per Para 6.4, whether the time gap of one year between any non-audit works by the SCAs/SAs for the Entities or any audit/non-audit works for its Group Entities has to be ensured for all the Entities in the Group or the RBI Regulated Entities in the Group?...

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