ICAI Announces Online Panel of Experts for Addressing Bank Branch Audit Related Queries

ICAI Announces Online Panel of Experts for Addressing Bank Branch Audit Related Queries The bank audit season is quickly approaching. The Reserve Bank of India (RBI) has made several significant announcements that require the attention of Statutory Branch Auditors (SBAs), including revised guidelines regarding Prudential Norms on income recognition, asset classification, and provisioning pertaining to advances dated October 01, 2021 and clarifications thereon dated November 12, 2021 and dated February 15, 2022, master directions of RBI on Classification, Valuation, and Operation of Investments dated October 01, 2021 and clarifications thereon dated The Institute of Chartered Accountants of India (ICAI Auditing )'s and Assurance Standards Board (AASB) has issued the 2022 edition of Guidance Note on Audit of Banks to guide members in light of the aforementioned developments. The Guidance Note has also been updated in light of recent ICAI pronouncements concerning bank audits, as well as amendments/changes in applicable laws or regulations. Given the banking industry's typical geographical and customer spread, the volume and varied nature of products and services offered, and the strict constraints for completing audits, members frequently face a slew of issues/questions while conducting Bank Branch Audits. These could include determining NPA status, the implications of complicated data discovered in a branch audit, the absence of any relevant RBI circular, the implications of RBI circular requirements, the nature and adequacy of documentation, possible wordings of the audit report on some important matters in bank branch audit, reporting on Long Form Audit Reports, Ghosh and Jilani Committee recommendations, special purpose reports and certificates, and so on. To assist our members in resolving such queries quickly, the Auditing and Assurance Standards Board (AASB) is pleased to announce an Online Panel of Experts for addressing Bank Branch Audit related queries from April 1st, 2022 to April 15th, 2022. Questions should be directed to [email protected].

Panel Conveners

CA. (Dr.) Sanjeev Kumar Singhal is the Chairman of the AASB, ICAI, and CA. Vishal Doshi is the Vice Chairman of the AASB, ICAI. Members are specifically informed that the experts' opinions are their own and do not necessarily reflect the opinions of the Auditing and Assurance Standards Board (AASB) or the Institute of Chartered Accountants of India (ICAI). The AASB, ICAI, or the Panel members accept no responsibility for actions taken by querists based on such advice. Furthermore, these opinions may not be used as evidence in any non-judicial/quasi-judicial/judicial proceeding before any authority. You should also do the following to help us better serve you:

• Be succinct, but provide complete information and facts.
• To avoid a problem of client confidentiality violations under the ICAI Code of Ethics, do not mention the name of the bank or branch, or the name of the borrower or depositor.
• Retorts should be avoided.
• It is not acceptable to send the same query twice.
• Create the report entirely on your own.
• Use your best judgement.