Tag: bank audit
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 …
RBI issues Guidelines on Appointment / Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks RBI has issued guidelines on Appointment/Re-appointment of Statutory Auditors of Co-operative Banks. The guidelines shall come into effect from April 1, 2024. State Co-operative Banks (StCBs) and Central Co-operative Banks …
During tenure as SCA/SA, an audit firm may be appointed as concurrent auditor of the same bank. Clarification regarding Guidelines issued by RBI for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (Excluding RRBs), UCBs and NBFCs (including HFCs) The RBI has issued a Circular …
ICAI changes the cut-off date to 1st July instead of 1st January of every year for the MEF / Bank Branch Auditors Panel ICAI in its Announcement has informed of change in cut-off date to 1st July instead of 1st January of every year for Bank Branch Auditors …
ICAI clarifies on confusion on eligibility of Category IV Individuals/Proprietor CAs for Bank branch audit The Multipurpose Empanelment Form (MEF) for the year 2021-22 has been hosted and is available at https://meficai.org. Both individuals and proprietor Chartered Accountants in practice are eligible to empanel, as in earlier years. …
RBI issues FAQs on appointment Auditors of Banks, UCBs & NBFCs. Time gaps required, prohibition on Concurrent auditors for appointment as SCAs/SAs In April 2021 RBI had issued Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs). …
Revised Eligibility Criteria for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) from FY 2021-22 and onwards RBI has revised the Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of banks etc. The circular inter alia provides for the eligibility criteria for appointment. Eligibility …
RBI issues revised Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies) for Financial Year 2021-22 and onwards. RBI has issued a Circular on ‘Guidelines for Appointment of Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) …
RBI Guidelines on Risk-Based Internal Audit (RBIA) System for Select NBFCs and UCBs RBI had introduced Risk-Based Internal Audit (RBIA) system in Scheduled Commercial Banks (SCBs) as part of their internal control framework that follows a well-defined policy for internal audit, functional independence with sufficient standing, effective channels …
RBI revises Long Form Audit Report (LFAR) – New formats applicable for audit period covering FY 2020-21 & onwards Keeping in view the large scale changes in the size, complexities, business model and risks in the banking operations, RBI had made a review of the LFAR formats, in …
