ICAI’s Guidance Note on Bank Audit (2020 Edition)

ICAI has issued ‘Guidance Note on Bank Audits (2020 Edition)’ along with illustrative formats of relevant reports, certificates, audit programme, etc. This guidance note is divided into 2 parts, i.e. Section A (Statutory Central Audit) and Section B (Bank Branch Audit).

Guidance Note on Audit of Banks, 2020 edition

Appendices to Section A of Guidance Note on Audit of Banks (2020 edition): Statutory Central Audit of Banks

i) Appendix I : Illustrative Format of Report of the Auditor of a Nationalised Bank

ii) Appendix II : Illustrative Format of Report of the Auditor on the Standalone Financial Statements of Banking Company

iii) Appendix III : Illustrative Format of Engagement Letter in case of a Nationalised Bank

iv) Appendix IV : Illustrative Format of Engagement Letter to be sent to the Appointing Authority of the Banking Company

v) Appendix V : Illustrative Format of Engagement Letter to be Sent to the Appointing Authority of the Banking Company
(Separate only for Internal Financial Control u/s 143(3)(i) of Companies Act, 2013)

vi) Appendix VI : Illustrative Format of Management Representation Letter to be obtained from Bank Management in case of Statutory Central Audit

vii) Appendix VII : Illustrative Format of Management Representation Letter to be obtained from Bank Management in connection with the Limited Review

viii) Appendix VIII : Illustrative List of Special Purpose / Exception Reports in CBS

ix) Appendix IX : Illustrative Audit Checklist for Capital Adequacy

x) Appendix X : Illustrative Checklist for the Verification of the Aspects of the Treasury/Investments of the Bank in Statutory Audit

Appendices to Section B of Guidance Note on Audit of Banks (2020 edition): Statutory Bank Branch Audit

i) Appendix I : Text of Section 6 of the Banking Regulation Act, 1949

ii) Appendix II : The Third Schedule to the Banking Regulation Act, 1949

iii) Appendix III : Illustrative Format of Report of the Branch Auditor of a Nationalised Bank

iv) Appendix IV : Illustrative Format of Report of the Branch Auditor of a Banking Company

v) Appendix V : Illustrative Format of Engagement Letter to be sent to the Appointing Authority of the Nationalised Bank
by Branch Auditor

vi) Appendix VI : Illustrative Format of Written Representation Letter to be obtained from the Branch Management

vii) Appendix VII : Features of the gold monetization scheme

viii) Appendix VIII : Suggested Abbreviations used in the Banking Industry

ix) Appendix IX : Illustrative list for Basis of Selection of Advance Accounts in case of Bank Branch Audit

x) Appendix X : Illustrative Bank Branch Audit Programme for the Year ended March 31, 2020

Besides, Members can also download other relevant information from the ICAI website, as under:

A. Master Circulars Issued by RBI

B. Master Directions issued by RBI

C. Relevant Notifications, FAQs and General Circulars

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  1. Naresh Kumar Agrawal

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