bank audit

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1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit.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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Bank Audit 2021- Decoding MSME and Priority Sector Loans

Fema / RBI - The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED [&hellip...

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Bank Audit 2021- Decoding Funded Interest Term Loan (FITL)

Fema / RBI - Funded Interest Term Loan (FITL) is a talk of the Bank Audit season of 2021. The treatment of this advance is not only new but confusing also. There are no clear instructions to deal such accounts which are outstanding as at 31st March 2021. There are also issues related to serving of Interest till 31st […]...

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Bank Audit- Advisory on SC Order dated March 23, 2021

Fema / RBI - Advisory on Supreme Court Order dated March 23, 2021 regarding Income Recognition and Assets Classification (IRAC) Norms Preamble The honourable Supreme Court had passed following interim order on September 03, 2020 – “the accounts which were not declared NPA till 31.08.2020 shall not be declared NPA till further orders “ The ho...

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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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Writ filed against Not allowing erstwhile Allahabad bank auditors to continue

Fema / RBI - Chartered Accountants Association filed writ against Indian Bank  for not allotting Statutory Audit for Financial Year 2020-21 to erstwhile Allahabad bank auditors. RBI is been made respondent to the writ....

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ICAI Guidance Note on Audit of Banks (2021 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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ICAI Technical Guide on Audit of Internal Financial Controls in Case of Public Sector Banks

Fema / RBI - Assessment of internal financial controls over financial reporting is a vital responsibility of the auditor, cast by Standards on Auditing (SAs). Reporting on internal financial controls by auditor is also not a new requirement in India....

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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 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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COVID19 Regulatory Package – Asset Classification & Provisioning

RBI/2019-20/220 DOR. No. BP. BC. 63/21.04.048/2019-20 - (17/04/2020) - In respect of all accounts classified as standard as on February 29, 2020, even if overdue, the moratorium period, wherever granted, shall be excluded by the lending institutions from the number of days past-due for the purpose of asset classification under the IRAC norms....

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Recent Posts in "bank audit"

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: Income Tax |

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)...

Read More

Bank Audit 2021- NPA & Asset Classification

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 […]...

Read More
Posted Under: Income Tax |

Bank Audit 2021- Decoding Multiple Banking & Consortiums

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...

Read More
Posted Under: Income Tax |

Bank Audit 2021- Decoding MSME and Priority Sector Loans

The directions have been issued by the Reserve Bank Of India in the name of Lending to Micro, Small & Medium Enterprises (MSME) Sector] Directions, 2017. The provisions of such Directions are applicable to every Scheduled Commercial Bank licensed to operate in India by the Reserve Bank of India. Loans to MSME Sector The MSMED [&hellip...

Read More
Posted Under: Income Tax |

Bank Audit 2021- Decoding Funded Interest Term Loan (FITL)

Funded Interest Term Loan (FITL) is a talk of the Bank Audit season of 2021. The treatment of this advance is not only new but confusing also. There are no clear instructions to deal such accounts which are outstanding as at 31st March 2021. There are also issues related to serving of Interest till 31st […]...

Read More
Posted Under: Income Tax |

Bank Audits 2021- Decoding Housing Loans

The housing loan is the “Priority Sector Lending”. The Reserve Bank of India, through its Master Direction on the subject of housing loan have advised the bankers adhere to the National Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the importance of safety of buildings especially against natural dis...

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Posted Under: Income Tax |

Bank Audits 2021- Decoding Agriculture Advances

by the Banking Institutions. The lending to agriculture sector include Farm Credit (Agriculture and Allied Activities), lending for Agriculture Infrastructure and Ancillary Activities. Farm Credit – Individual farmers Loans to individual farmers and Proprietorship firms of farmers, directly engaged in Agriculture and Allied Activiti...

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Posted Under: Income Tax |

Bank Audit- Advisory on SC Order dated March 23, 2021

Advisory on Supreme Court Order dated March 23, 2021 regarding Income Recognition and Assets Classification (IRAC) Norms Preamble The honourable Supreme Court had passed following interim order on September 03, 2020 – “the accounts which were not declared NPA till 31.08.2020 shall not be declared NPA till further orders “ The ho...

Read More
Posted Under: Income Tax |

Checklist for Statutory Bank Branch Audit for Year 2020-21

To The Branch Manager ******* SUB: Statutory Audit of Your Branch for the Year 2020-21 Ref:- ****************, Dated: ****** Respected sir You are Aware that we have been appointed as statutory Branch auditors of your Branch for the year 2020-21 Vide your letter No *************** Dated: ********** We are sure you will keep all the [&hell...

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Posted Under: Income Tax |

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