ICAI Technical Guide on Revised Formats of Long Form Audit Report (LFAR)
In bank and bank’s branches audit, the auditors are required to report on certain matters prescribed by the RBI. LFAR is a separate report to be submitted to the bank’s management in the format prescribed by the RBI.
The Reserve Bank of India has issued the revised formats of Long Form Audit Report (LFAR) which is applicable for audits of financial year ( FY ) 2020-21 and onwards. The revised LFAR have made several significant changes including many new reporting requirements as compared to the earlier formats of LFAR.
ICAI has issued a “Technical Guide on Revised Formats of Long Form Audit Report” with a view of providing guidance to auditors of banks on the revised formats of LFAR for discharging their reporting obligation more efficiently and effectively.
The Guide has been divided into two sections :
(A) Long Form Audit Report in Case of Banks
(B) Long Form Audit Report in Case of Bank Branches
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