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...
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 honourable Supreme Court has […]
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 […]
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.
There are various CBS developed by various software companies created to serve the banking Industry.. The same are available in the market however, out of the all, highly acclaimed and widely used Core Banking Softwares are a) FINACLE by Infosys, b) BaNCS by Tata Consulting Services and c) FlexCube by Oracle Financial Services FlexCube provides […]
For a banking sector, composite system / software which handles transactions, customer relations, regulatory compliances, MIS/ reports request is the need of the hour. Core Banking Systems (CBS) provide the solution for the same. There are number of Core Banking Software’s available in the market. More prominent and used in India are FINACLE, FLEXCUBE and […]
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.
The Reserve Bank of India has issued revised formats of Long Form Audit Report (LFAR) for banks and their branches vide its circular dated September 5, 2020 which are applicable for audits for financial year 2020-21 and onwards. Revised formats of LFAR contain several significant changes and several new reporting requirements vis-à-vis earlier formats of […]
The banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS software’s developed by Infosys. A number of Nationalised Banks are using Finacle as their CBS platform. Our Alma mater plays an important role in the process of auditing of PSU banks. The exercise […]
As we all are aware about that the season of Statutory Bank Audits is on its verge. It’s the time when professionals are getting the straps of their boots ready to have a crisp walk. I thought it desirable to pen down a few things, which are basic and my experience of Bank Audits and […]
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.
