ICAI Guidance Note on Audit of Banks 2023 Edition
ICAI has issued 2023 edition of the Guidance Note on Audit of Banks. The revised 2023 edition incorporates the impact of the various circulars of the Reserve Bank of India as well as certain important advisories, pronouncements of the ICAI which would be relevant to bank audits for the financial year ending March 31, 2023
The Guidance given in the Guidance Note is broadly bifurcated into two Sections i.e. Section A -Statutory Central Audit and Section B -Bank Branch Audit.
| Section A -Statutory Central Audit | Department wise guidance is given in Section A -Statutory Central Audit viz. Personal Banking and Operations, Retail Banking and Marketing, Wealth Management and Third Party Products, International Banking Division, Treasury Operations, Audit of Information Technology and Digital Banking Division, Human Resources Department, Large Corporate and Loan Syndication, Micro, Small and Medium Enterprises Department., Rural and Agricultural Business Department, Law Department, Credit Recovery Department, Risk Management Department, Central Audit and Inspection Department, Credit Monitoring and Restructuring Department, Consolidation and Balance Sheet Preparation, Government Business Department, Consolidation of LFARs for the Bank, certification etc. |
| Section B -Bank Branch Audit | Contains a Practical Guide and also guidance on various procedures/standards to be followed in audit i.e. Audit Planning, Documentation, Standards on Auditing, Cash, Fraud, GST Compliance etc. |
Guidance Note also contains various Appendices like Illustrative formats of engagement letter, illustrative formats of auditor’s report both in case of nationalized banks and banking companies, illustrative formats of management representation letter, the text of master directions, master circulars and other relevant circulars issued by RBI.
Download ICAI revised 2023 edition of Guidance Note on Audit of Banks Click Here >>
Download ICAI revised 2021 edition of Guidance Note on Audit of Banks Click Here >>
Download ICAI revised 2020 edition of Guidance Note on Audit of Banks Click Here >>
ICAI issued Addendum to Guidance Note on Audit of Banks 2020 Edition Click Here >>
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- No remission/cessation of liability if trading liability is declared in books of account
- Approval u/s 80G for new cases to be effective from year in which application is made
- Penalty u/s 271B deleted as assessee was unaware of Tax Audit Provision
- Provisional empanelment status of CA firms/LLPs with CAG for 2023-24
