ICAI Guidance Note on Audit of Banks 2019 edition

Guidance Note on Audit of Banks 2019 edition: Section A – Statutory Central Audit issued by the Auditing and Assurance Standards Board – (17-01-2019)

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The Guidance Note on Audit of Banks is issued by the Auditing and Assurance Standards Board (AASB) of ICAI every year which provide the detailed and updated guidance to the chartered accountants in carrying out audits of banks and bank branches.

AASB has come out with this revised 2019 edition of the Guidance Note on Audit of Banks.

The Guidance Note is accompanied by a pen drive/CD which contains Illustrative formats of engagement letter, auditor’s report, management representation letter, audit checklist etc.. It also  have the text of Master Directions, Master Circulars and other relevant Circulars issued by RBI up to January 1, 2019.

The Guidance Note covers in detail various aspects like knowledge of the banking industry, initial considerations, special considerations in a CIS Environment, risk assessment and internal control, various items of banks’ financial statements and their peculiarities, manner of disclosure in financial statements, the RBI prudential guidelines thereon, audit procedures, reporting on Long Form Audit Reports both at central and branch level, Ghosh and Jilani Committee recommendations, special purpose reports and certificates, etc.