ICAI Guidance Note on Bank Audit (Revised Edition: January 2019)

ICAI Guidance Note on Bank Audit (Revised Edition: January 2019). AASB of ICAI has issued the ‘Guidance Note on Bank Audits’ (Revised Edition: Jan. 2019) meant for detailed guidance of members on various important items of financial statements of banks, disclosure requirements, prudential norms of RBI, audit procedures, LFAR reporting, Ghosh and Jilani, special purpose reports and certificates, etc.

The banking sector in India is one of the largest in the world as far as its extensive network of branches is concerned. The role of the sector in the overall growth and development of the Indian economy is quite significant and laudable. Over the years, the sector has been through a long journey and has also achieved new heights with the changing times. The widespread use of technology has completely changed the working of banks resulting in lesser requirements for people to visit banks physically. Nevertheless, the fundamental aspects of banking i.e. trust and confidence of people on banking sector remains the same. This trust and confidence come on the back of strong quality of audit system and practices in place in India.

The Guidance Note on Audit of Banks is issued by the Auditing and Assurance Standards Board (AASB) of ICAI every year with the objective to provide detailed and updated guidance to the members on various aspects of bank audits. The Guidance Note is an important resource for the members carrying out audits of banks and bank branches. I am happy that AASB has come out with this revised 2019 edition of the Guidance Note on Audit of Banks for the benefit of the members. I am also happy that the Guidance Note is comprehensive and selfcontained reference document for the members.

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