ICAI revised 2020 edition of the Guidance Note on Audit of Banks
ICAI has issued revised 2020 edition of the Guidance Note on Audit of Banks. The Guidance given in the Guidance Note is broadly bifurcated into two Sections:
| 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, Credit Monitoring and Restructuring, Treasury Operations, Audit of Information Technology and Digital Banking, Long Form Audit Reports Consolidation, 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 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 >>
- Optional pricing in preferential issue of equity shares-Method, lock-in period
- Conditions for LLP, registered firm/company to be recognised as insolvency professional entity
- Escrow account deposit in case of indirect acquisitions / takeover. SEBI Notification
- Manner of furnishing of return or details of outward supplies by SMS facility
- Extension of validity of AEO certification to 30.09.2020
