bank audit - Page 4

Checklist for Statutory Audit of Bank Branch Audit (An Overview)

1. General – Area of Review Pre Audit a) Review of Latest available inspection reports of Internal/Concurrent/RBI/Statutory Auditors and compliance thereof. b) Review of Closing Circular issued by Head Office c) Study of Significant accounting policies of the Bank & computer system d) Study of Business mix of the Branch & determ...

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Posted Under: CA, CS, CMA |

Remote Bank Audit: A Valuable Tool During Pandemic

What is Remote Auditing??? The remote audit also may be referred to as E Auditing is exactly same as an audit but in involves use of electronic means to collect Audit Evidence. Remote Auditing techniques involve sharing files via email, Google drive etc., providing documents by sharing its desktop screen or via video conferencing using [&...

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Posted Under: CA, CS, CMA |

Advisory for Statutory Bank Branch Auditors

Specific Considerations while conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under current Covid-19 situation Dear Professional Colleagues, We hope this communique will find you safe and healthy. We are sure that by now most of us must have received appointment letters for statutory bank branch audits indicating br...

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Posted Under: CA, CS, CMA |

Addendum to Guidance Note on Audit of Banks, 2020 Edition

Addendum to the Guidance Note on Audit of Banks, 2020 Edition with reference to RBI circular no.: RBI/2019-20/186 DOR.No.BP.BC.47/21.04.048/2019-20 dated March 27, 2020 on COVID 19 – Regulatory Package The RBI issued a circular dated March 27, 2020 granting relief for borrowers as Covid-19 Regulatory package. The relief granted to b...

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Posted Under: CA, CS, CMA |

Revised FAQs on UDIN for Statutory Bank / Tax Audit | LFAR | Certificates

Q.1 While conducting Bank Audit, whether separate UDINs are required to be generated for LFAR, Tax Audit, Statutory Audit Report etc.? Ans: No, since UDIN has to be generated per Assignment per Signatory on a given date, so one UDIN will suffice for the Bank Audit Report including LFAR and Certificates. However, separate UDIN will [&helli...

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Posted Under: CA, CS, CMA |

Recent reliefs in Bank Branch Audit due to COVID-19

1. What reliefs are being provided by Reserve Bank of India (RBI) for easing out bank branch audit during these times of coronavirus? The Reserve Bank of India has brought 3 major circulars in form of COVID-19 regulatory package. i) COVID 19 Regulatory package- (RBI circular dated 27.03.2020)- This circular relates to relaxation in repaym...

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Posted Under: CA, CS, CMA |

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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FAQ on Ethics related to Bank Audit Assignments

Q 1. Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said Bank have taken loan from a different branch of the Bank ? Ans. No, the Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank....

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Posted Under: CA, CS, CMA |

ICAI advisory for initiating Statutory Bank Branch audit remotely

Advisory issued by ICAI to approximately 35,000 firms eligible for Bank Branch Audit for initiating the process of Statutory Bank Branch audit remotely to ensure timely and effective Bank Branch Audit. The said advisory was also shared with all Central Statutory Auditors for their information. Advisory issued to approximately 35,000 firms...

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Posted Under: CA, CS, CMA |

Necessity of Statutory Branch Audit in Public Sector Banks

It has come to the notice of Professional Development (PD) Committee of Institute of  Chartered Accountants of India (ICAI) that one of the public sector banks (PSBs) has  requested that Indian Banks’ Association (IBA) to consider the representation on  exemption from statutory bank branch audit, for the year ended March 31, 2020, in...

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Posted Under: CA, CS, CMA |

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