CA, CS, CMA : The article examines whether the Income Tax Amendment Bill, 2026 expanded CMA authority to bank audits. It clarifies that while CM...
CA, CS, CMA : The audit highlights how incorrect CBS parameterization and weak internal controls lead to significant revenue leakage. It stresse...
Fema / RBI : A summary of the revised RBI-mandated Long Form Audit Report (LFAR) for Statutory Central Auditors (SCAs), covering key clauses, r...
CA, CS, CMA : A technical analysis of the LFAR Advances section for bank audits. It explains key clauses on credit appraisal, documentation, pro...
CA, CS, CMA : Comprehensive Audit Manual for SMEs FY 2024-25 covers CARO 2020 changes, Schedule III revisions, and accounting standards with edi...
Fema / RBI : A practical webinar will explain the real-world approach to conducting statutory bank branch audits efficiently. The session cover...
CA, CS, CMA : Understand UDIN requirements for Bank Audit including LFAR, Certificates, and Tax Audit Reports. Learn how to generate UDINs and c...
CA, CS, CMA : ICAI's AASB launches online expert panel for bank branch audit queries. Get guidance on RBI guidelines from April 1-15, 2025....
CA, CS, CMA : Explore the 2025 edition of ICAI's Guidance Note on Audit of Banks. Includes sections on RBI Master Circulars, Master Directions, ...
CA, CS, CMA : ICAI invites public comments on the Exposure Draft for the Audit of Banks Guidance Note (2025 Edition). Submit by February 5, 2025...
CA, CS, CMA : It is the case of the petitioners that they have been appointed as Statutory Branch Auditors by the erstwhile Allahabad Bank, whic...
Fema / RBI : Explore RBI guidelines effective from April 1, 2024, on Statutory Auditor appointment for State and Central Co-operative Banks. Ke...
Fema / RBI : Source- Unconfirmed and based on File Received from Social Media Revised RBI Guidelines for Appointment / Re-appointment of Statut...
Fema / RBI : RBI increases remuneration payable to Statutory Central Auditors (SCAs) & Branch Auditors (SBAs) of Nationalised Banks (NBs) from...
Fema / RBI : Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding R...
Fema / RBI : 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-au...
Statutory audits of banks and their branches are under process. Various issues relating to these audits are under discussion amongst the (auditors ) Chartered Accountants . One of such issues in bank branch audit is regarding reversal of unrealized interest on loans / advances which have became NPA in the year under audit. In this article an attempt has been made to discuss various aspects, prevailing practices and difficulties being faced relating to the reversal of interest on NPA accounts.
Bank auditing is the procedure of reviewing the services and procedures adopted by banks and other financial institutions. It is a routine procedure that all financial services entities must undergo in order to ensure that they are in compliance with industry standards and jurisdictional regulations. In this Presentation let’s Discuss Bank Audit from GST Point of View Bank Transactions […]
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 hope you will […]
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 2019 edition – […]
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 bank’s statutory audit.
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.
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
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.
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 “Equitable Audit allotments and mechanism to Control Tendering System”, with the following composition
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.
