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ICAI News: Auditing and Assurance Standards Board

CONSTITUTES ONLINE PANEL OF EXPERTS FOR ADDRESSING BANK BRANCH AUDIT RELATED QUERIES FOR THE FINANCIAL YEAR 2019-20

Dear Members,

The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and services offered, coupled with the strict constraints for completing the audits, the members, many times, face lot of issues/ queries while 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 our members for fast resolution of such queries, the Auditing and Assurance Standards Board (AASB) is pleased to offer an Online support to our members from May 02, 2020 for the bank branch audits for the year ended 31st March 2020. The queries can be sent at email id: bankauditfaq@icai.in.

The Online support facility will be managed by a panel of experts. The queries so received will be distributed amongst the members of the panel on random basis and they would reply to the same

Panel Convenors

CA. G. Sekar, Chairman, AASB & Central Council Member, ICAI, CA. (Dr.) Debashis Mitra, Vice-Chairman, AASB & Central Council Member, ICAI, and CA. Shriniwas Y. Joshi, Central Council Member, ICAI

Disclaimer

Members are specifically informed that the views expressed by the experts would be their personal views and not necessarily the views of the Auditing and Assurance Standards Board (AASB) or the Institute of Chartered Accountants of India (ICAI). AASB, ICAI or the members of the Panel, do not accept any responsibility for actions taken by the querists based on such advice.

To enable us to serve you better, you are also advised to:

  • Be brief but provide full information and facts.
  • Not to mention the name of the Bank or Branch or the name of the Borrower or depositor to avoid problem of violation of client confidentiality requirements under the ICAI Code of Ethics
  • Avoid rejoinders.
  • Not to send the same query twice.
  • Draft the audit report on your own.
  • use own judgment

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