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 around the corner. Various significant announcements have been made by the Reserve Bank of India (RBI), which require the attention of Statutory Branch Auditors (SBAs), including revised guidelines regarding Prudential Norms on income recognition, asset classification and provisioning pertaining to advances, master directions of RBI on Classification, Valuation and Operation of Investment Portfolio; Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR); Transfer of Loan Exposures; and Presentation & disclosures of financial statements of banks. The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has issued 2023 edition of Guidance Note on Audit of Banks to guide the members w.r.t. the aforementioned developments. The Guidance Note has also been updated in light of recent pronouncements of ICAI having bearing on bank audits and amendments/changes in applicable laws or regulations. Given that the banking sector is typical in terms of its geographic and customer distribution, the volume and variety of products and services offered, as well as the strict deadlines for finishing the audits, the members frequently encounter a great deal of problems/questions when conducting bank branch audits. These could include determination of NPA status, implications of complicated data found in a branch audit, unavailability of any relevant RBI circular, implications of the requirements of RBI circular, 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, etc. With a view to support the members for fast resolution of such queries, AASB is pleased to announce an Online Panel of Experts for addressing Bank Branch Audit related queries for financial year 2022-23. The Panel will address queries from 1st April, 2023 till 15th April, 2023. The queries are to be sent at email address: [email protected] To Read More - Click Here