Audit & Attestation
Bank Audit
Statutory branch, central statutory and concurrent audit of banking entities.
Overview
Bank audit covers attestation engagements for banking companies and their branches, carried out under the Banking Regulation Act, 1949, the Companies Act, 2013 where applicable, and the directions and circulars issued by the Reserve Bank of India.
Engagements are performed in accordance with the Standards on Auditing issued by the ICAI, together with the ICAI's guidance for bank audits and the reporting formats prescribed by the appointing authority.
Scope & areas covered
- Statutory branch audit and central statutory audit
- Concurrent audit and revenue audit of branches
- Verification of income recognition, asset classification and provisioning (IRAC norms)
- Long Form Audit Report (LFAR) and prescribed certifications
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