Download Bank Audit Excel Utility and Demo prepared by ICAI

The Institute of Chartered Accountants of India (ICAI) has released Bank Audit Excel Utility.

The ICAI – CAQD (Centre for Audit Quality Directorate) has prepared an Excel utility for the conduct of Bank Branch Audits. A Webinar on the Demo of the said utility is being organised Today i.e., 14th March 2024 from 5:30 PM to 6:30 PM. To join the webinar visit ICAI official website.

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) also issued the Guidance Note on Audit of Banks under the authority of the Council of ICAI.

India’s Banking Sector plays a vital role in boosting the economy as it keeps evolving. It has moved beyond providing basic banking services to include insurance, mutual funds, stock trading and risk management services. With technological advancements, services like online banking, mobile apps, and digital payments through UPI have become common. Payment Banks have further simplified daily transactions, such as online shopping. The sector has seen significant changes with the introduction of private/ foreign banks and wider geographical reach. These advancements carry substantial implications for the operations of banks, placing increased expectations on the auditing profession than ever before. Therefore, it is crucial for statutory auditors of banks to be well prepared in terms of their knowledge and stay updated on the latest developments in the banking sector.

The Guidance Note is divided 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 like illustrative formats of the engagement letters, illustrative formats of auditor’s reports both in the case of nationalized banks and banking companies, illustrative formats of management representation letters, the text of master directions, master circulars and other relevant circulars issued by the RBI. The revised Guidance Note was initially developed by writers and reviewers and one consolidating group constituted for this purpose and thereafter it was finalised with the contribution of the Board members and the Council members.

To Download Bank Audit Excel Utility – Click Here

For Guidance Note Download PDF Given Below: