The Institute of Chartered Accountants in India (ICAI) last day released the exposure draft of guidance note on Audit books.
Appendix II of the Guidance Note deals with the text of third schedule to the Banking Regulation Act, 1949.
Illustrative Format of Report of the Auditor of a Nationalised Bank, Standalone Financial Statements of a Banking Company, Branch Auditor of a Nationalised Bank, Branch Auditor of a Banking Company etc., are provided in Appendices III to VI of the Guidance Note.
Appendices VII to XI of the Guidance Note provide the illustrative formats of Engagement Letter in case of a Nationalised Bank, Engagement Letter to be sent to the Appointing Authority of the Nationalised Bank by Branch Auditor, Engagement Letter to be sent to the Appointing Authority of the Banking Company, Engagement Letter to be sent to the Appointing Authority of the Banking Company (Separate only for Internal Financial Control under Section 143(3)(i) of Companies Act, 2013) and Written Representation Letter to be obtained from Branch Management.
Exposure Draft should be sent to the Institute by January 13, 2018 to Secretary, Auditing and Assurance Standards Board The Institute of Chartered Accountants of India ICAI Bhawan, A-29, Sector-62, NOIDA, Uttar Pradesh – 201 309 or can be e-mailed at aasb@icai.in.
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