ICAI Guidance Note on Audit of Banks 2025 Edition
ICAI has issued 2025 edition of the Guidance Note on Audit of Banks. The revised 2025 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, 2025.
The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) issues the revised edition of the publication- “Guidance Note on Audit of Banks” every year under the authority of the Council of ICAI. This Guidance Note provides detailed guidance to the members regarding statutory audit of banks and bank branches.
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. For the benefit of the members, the Guidance Note also contains various Appendices, including illustrative formats of engagement letter, illustrative formats of auditor’s report (both for 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.
Date of digital signature and issuance determines the date of a notice u/s148 of the Income Tax Act - ITAT…
DGFT authorises IACCIA to issue Certificate of Origin (Non- Preferential) w.e.f. 9th January 2026 In exercise of powers conferred under…
Net profit rate may not per se experience variation commensurate to the increase of turnover. In a recent judgment, Allahabad…
Mushroom growing apparatus cannot be classified as ‘agricultural machinery’ under Customs Tariff Heading 8436. In a recent judgment, Hon'ble Supreme…
Statutory presumption attached to issuance of a cheque, being one made in discharge of a legally enforceable debt or liability,…
Merely because the authority conducting auction expects higher bid than the highest bidder is no reason to discard the highest…