bank audit

Bank Audit Check List & Procedure (Concurrent Audit)

CA, CS, CMA - Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is part of a bank’s early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches. here the check list and procedure, I ho...

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Bank Audit Manual 2017-18 with Working Formats

CA, CS, CMA - Contents of Bank Audit Manual 2017-18 1. Key Points 2. Asset Classification & Provisioning – a ready reckoner 3. Income Recognition & Asset Classification Norms - at a Glance 4. Important Points 5. Asset Classification – at a Glance 6. Important Audit Checks 7. Draft Management Representation Letter...

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Bank Revenue Audit tip on Penal Interest

CA, CS, CMA - In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system , there's no chance of under recovery....

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Top Five Areas of Concern after Demonetization in Bank Concurrent Audits

CA, CS, CMA - One of the community most affected by demonetization after common men and bankers would be bank auditors. Most of the auditors are dwelling in confusion after so many notifications of government of India and RBI. ...

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How to do Concurrent Audit of a Bank- 3Qs & 3Cs

CA, CS, CMA - Most of the young chartered Accountants always dwell in the Question How to do concurrent Audit of a Bank. There are many reasons of this anxiety they possess for concurrent audits, Such as Lack of experience, Lack of opportunities, Lack of confidence etc....

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Guidance Note on Audit of Banks (2019 Edition)

CA, CS, CMA - 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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ICAI issues 3 Exposure Drafts of Guidance Note on Audit of Banks 2019

CA, CS, CMA - ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on  Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 201...

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Draft ICSI Guidance on Diligence Report on Governance for Banks

CA, CS, CMA - ICSI has come up with Exposure Draft of ICSI Guidance on Diligence Report on Governance for Banks. The Draft was released at the golden Jubilee Year National Conference of Practicing Company Secretaries (19th Edition) held at The LaLiT, Mumbai during May 18-19, 2018....

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Revised Formats of Statutory Auditor’s Report for Urban Cooperative Banks

CA, CS, CMA - ICAI is issuing the following revised formats of the statutory auditor’s report for urban cooperative banks (UCBs). These formats have been developed by the Board in consultation with the RBI and the same have also been accepted by the RBI....

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ICAI Constitute Group related to all issues of Bank Audit

CA, CS, CMA - The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on ...

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RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 - (29/06/2018) - In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs ...

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Recent Posts in "bank audit"

Bank Audit Check List & Procedure (Concurrent Audit)

Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is part of a bank’s early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches. here the check list and procedure, I ho...

Read More
Posted Under: CA, CS, CMA |

Guidance Note on Audit of Banks (2019 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: CA, CS, CMA |

ICAI issues 3 Exposure Drafts of Guidance Note on Audit of Banks 2019

ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on  Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 201...

Read More
Posted Under: CA, CS, CMA |

RBI Enforcement action framework in respect of statutory auditors of banks

Press Release: 2017-2018/3425 (29/06/2018)

In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs for any lapses observed in conducting a ...

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Draft ICSI Guidance on Diligence Report on Governance for Banks

ICSI has come up with Exposure Draft of ICSI Guidance on Diligence Report on Governance for Banks. The Draft was released at the golden Jubilee Year National Conference of Practicing Company Secretaries (19th Edition) held at The LaLiT, Mumbai during May 18-19, 2018....

Read More
Posted Under: CA, CS, CMA |

Bank Audit Manual 2017-18 with Working Formats

Contents of Bank Audit Manual 2017-18 1. Key Points 2. Asset Classification & Provisioning – a ready reckoner 3. Income Recognition & Asset Classification Norms - at a Glance 4. Important Points 5. Asset Classification – at a Glance 6. Important Audit Checks 7. Draft Management Representation Letter...

Read More
Posted Under: CA, CS, CMA |

Revised Formats of Statutory Auditor’s Report for Urban Cooperative Banks

ICAI is issuing the following revised formats of the statutory auditor’s report for urban cooperative banks (UCBs). These formats have been developed by the Board in consultation with the RBI and the same have also been accepted by the RBI....

Read More
Posted Under: CA, CS, CMA |

ICAI Constitute Group related to all issues of Bank Audit

The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group related to all issues of Bank Audit including reduction in Statutory Central Auditors (SCAs), cooling period, distribution of bank branch audit as well as previous report of CA. Tarun J. Ghia on ...

Read More
Posted Under: CA, CS, CMA |

Bank Revenue Audit tip on Penal Interest

In CBS environment , most of the times , Management response is usually as All charges calculation and charging is done by system , there's no chance of under recovery....

Read More
Posted Under: CA, CS, CMA |

HDFC clarification on Charges for Cash Withdrawals

HDFC BANK IMPORTANT NOTICE REVISION OF FEES AND CHARGES – SAVINGS & SALARY ACCOUNTS (EFFECTIVE 01st March 2017) Effective 01st March 2017, cash transaction charges for Savings and Salary accounts are being revised as follows: Sr. No Charge Type Revised charges 1 Number of Cash transactions(Cumulative of Deposit and Withdrawal) 4...

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Posted Under: CA, CS, CMA |

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