ICAI Guidance Note on Audit of Banks, 2025 Edition

ICAI Guidance Note on Audit of Banks 2026 Edition

ICAI has issued 2025 edition of the Guidance Note on Audit of Banks. The revised 2026 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, 2026.

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. 

Download ICAI 2026 edition of Guidance Note on Audit of Banks Click Here >>

Text of Relevant Master Circulars Issued by the RBI

• • List of Relevant Master Circulars Issued by the RBI
    
    
  • Master Circulars

Text of Relevant Master Directions Issued by the RBI

• • • List of Relevant Master Directions Issued by the RBI
      
      
    • Master Directions

Text of Relevant Notifications, FAQs and General Circulars

• • List of Relevant Notifications, FAQs and General Circulars
    
    
  • Notifications, FAQs and General Circulars

Download ICAI revised 2025 edition of Guidance Note on Audit of Banks Click Here >>

Download ICAI revised 2024 edition of Guidance Note on Audit of Banks Click Here >>

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 >>

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT