Skilled panel formed to tackle statutory bank branch audits queries
3 min read
As the financial institution audit year strategies, the Reserve Lender of India (RBI) challenges considerable directives for Statutory Department Auditors (SBAs). The Institute of Chartered Accountants of India (ICAI) as a result of its Auditing and Assurance Requirements Board (AASB) supplies advice to its members for conducting audits correctly.
Auditing and Assurance Benchmarks BoardThe Institute of Chartered Accountants of India28th March, 2024
On-line PANEL OF Experts FOR ADDRESSING Financial institution Department AUDIT Related QUERIES
Dear Associates,
The bank audit year is about the corner and the Reserve Bank of India (RBI) has made many important announcements demanding the awareness of Statutory Branch Auditors (SBAs). These incorporate revised tips on Basel III funds laws, prudential norms for profits recognition, asset classification, and provisioning pertaining to innovations, as properly as grasp directions on external commercial borrowings, trade credits and structured obligations, Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR), transfer of personal loan exposures, and presentation & disclosures of financial statements of financial institutions.
The Auditing and Assurance Criteria Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has issued 2024 Version of the Direction Notice on Audit of Banks to guidebook the users w.r.t. the aforementioned developments. The Guidance Notice has been up-to-date to mirror new pronouncements by ICAI related to bank audits and any amendments/adjustments in applicable legislation or laws.
Supplied the fact that the banking sector is normal in terms of its geographical access and varied consumer foundation, along with the intensive selection of products and expert services offered, conducting audits within the supplied timelines poses several problems for the members. These troubles may perhaps include dedication of Non-Accomplishing Asset (NPA) position, implication of sophisticated knowledge encountered through department audits, encountering conditions wherever appropriate RBI circulars are unavailable, being familiar with the implications of necessities of RBI circulars, examining the character and adequacy of documentation, deciding appropriate wordings for audit experiences on essential issues in lender branch audits, addressing reporting necessities for Very long Type Audit Reports, taking into consideration tips from committees these as Ghosh and Jilani, and making ready particular purpose experiences and certificates and many others. These specifications underscore the value of thorough planning and staying up-to-date with regulatory pointers to successfully accomplish financial institution branch audits.
With a see to help the customers for quickly resolution of these types of queries, AASB is happy to announce an On-line Panel of Experts for addressing Lender Branch Audit similar queries for monetary 12 months 2023-24. The Panel will address queries from 1st April 2024 until 30th April 2024.
The queries are to be despatched at electronic mail tackle: bankauditfaq@icai.in
Panel Convenors
CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB and CA. Vishal Doshi, Vice Chairman, AASB
The members are specially educated that the sights expressed by the industry experts of the Panel would be their private sights and not always the sights of the AASB or the ICAI. AASB, ICAI or the gurus of the Panel, do not take any responsibility for steps taken by the querists centered on these types of information. Further, these views are not to be utilised as evidence in any non-judicial/ quasi-judicial/ judicial continuing prior to any authority.
To permit us to serve you far better, you are also recommended to:
Be transient but provide full information and facts and information.
Not to point out the title of the Bank or Branch or the identify of the Borrower or Depositor to stay away from difficulty of violation of shopper confidentiality demands below the ICAI’s Code of Ethics.
Avoid rejoinders.
Not to send out the identical question twice.
Draft the report on your individual.
Use individual judgment.
Vice ChairmanAuditing and Assurance Expectations Board
ChairmanAuditing and Assurance Specifications Board
