Acceptance of certain assignments by the Concurrent Auditor of Bank Branches – ICAI clarification
ICAI has issued an advisory on the issue of acceptance of certain assignments by the Concurrent Auditor of Bank Branches.
ICAI has issued its members to take note of the FAQs relating to professional ethics of members pertaining to Bank Assignments
Qestion. 13 Whether the Concurrent Auditor of a Branch of a Bank can undertake the assignment of LFAR of the same Branch?
Answer. The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Statutory Audit. With respect to Branches which are subject to Statutory Audit, the LFAR assignment shall be undertaken by the Statutory Auditor.
Miscellaneous Certification
The concurrent auditor/Internal Auditor may undertake the assignment of certification for a Bank branch only if the certificates are addressed to the Bank’s management i.e not addressed to the statutory auditor/a regulator/ without being addressed to anyone in particular.
Certification of audited financial statements
The Concurrent Auditor/ Internal Auditor can neither perform Statutory Audit of the financial statements of a Bank Branch , nor certify them as audited financial statements.
Repayments of loans taken for asset generation can’t be deducted to arrive at earning capacity for determining maintenance to wife…
Seat of arbitration is governed by the agreement of the parties and not by the place of hearing or the…
ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if…
Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax…
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying…
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined…