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...
CA, CS, CMA : Key areas for Bank Branch Audit 2024-25, covering statutory reports, loan audits, NPA guidelines, compliance, cyber fraud impacts,...
Fema / RBI : A guide to statutory bank branch audits covering compliance, risk-based auditing, expectation gaps, and the evolving role of audit...
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 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 eligible for Bank Branch […]
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 view of […]
MSME plays an important role in our economy. This sector contributes significantly to the Indian Economy in terms of Gross Domestic Product (GDP), Exports and Employment generation. Understanding its difficulties, RBI from time to time has come out with host of measures to provide relief to this sector. The key important RBI circulars are as […]
Bank Branch Audit of Public Sector Banks for the year 2019-20 In these tough times of the global spread of pandemic COVID-19, challenges are being faced by one and all. Limited physical movement, restricted access to information and constraints of resources have impacted all the economic processes pervasively. In respect of the bank branch audit […]
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 (NBFC-ND-SI) and Deposit taking Non-Banking Financial Companies (NBFC-D). Madam/Dear Sir, COVID19 Regulatory Package – Review of Resolution Timelines under the […]
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.
What is Due Diligence: Due diligence is a process of research and analysis that is initiated before an acquisition, investment, business partnership or bank loan, in order to determine the value of the subject of the due diligence or whether there are any major issues involved. Such findings are then summarized in a report which […]
The Statutory Auditors may consider the following exercise to dig out the hidden accounts which are shown as Standard but are required to be classified as NPAs.
Furthermore, Branch Statutory Auditors should conduct the audit operations from a remote location primarily relying on the data available in CBS and they should physically visit the branches only for urgent and unavoidable matters.
As the financial year is coming to a close, bank branch audit is expected to commence shortly. There may be delays due to the spread of Corona Virus as the SEBI has extended the due date of filing of reports by a month. However, it is important for the auditors to prepare for the audits […]
