ICAI Guidance Note on Audit of Banks 2024 Edition
ICAI has issued 2024 edition of the Guidance Note on Audit of Banks. The revised 2024 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, 2024
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.
Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…
Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…
Provisions of section 68 to 69B applicable only if assessee is required to maintain books of accounts under provisions of…
When show cause notice proposed addition u/s 68 as unexplained cash credits, in assessment order addition can not be made…
AO directed to pass order u/s 148A(d) after considering belated reply filed by assessee after supply of legible copies of…
AO converted limited scrutiny into complete scrutiny without obtaining permission and in violation of CBDT Instruction - ITAT quashed Assessment…