ICAI announces Online Panel of Experts for addressing Bank Branch Audit Queries
The initiative comes ahead of the busy bank audit season, with the Reserve Bank of India (RBI) issuing several new regulatory guidelines that auditors must comply with.
The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has introduced an Online Panel of Experts to address critical queries related to bank branch audits for the financial year 2024-25. The panel, operational from April 1 to April 15, 2025, will assist Statutory Branch Auditors (SBAs) in resolving challenges such as NPA...
The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has introduced an Online Panel of Experts to address critical queries related to bank branch audits for the financial year 2024-25.
The panel, operational from April 1 to April 15, 2025, will assist Statutory Branch Auditors (SBAs) in resolving challenges such as NPA classification, compliance with RBI circulars, documentation adequacy, and audit report drafting. Members can submit queries via email (bankauditfaq@icai.in), ensuring confidentiality by avoiding bank or borrower details.
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Key areas of concern include:
- Revised Basel III capital regulations
- Prudential norms for income recognition and asset classification
- Master directions on CRR, SLR, and loan exposure transfers
- Financial statement disclosures
The AASB has also released the 2025 Edition of the Guidance Note on Audit of Banks, incorporating updates from ICAI and regulatory changes. However, auditors often face practical difficulties due to the complexity of banking operations, tight deadlines, and evolving RBI norms.
CA. Sripriya Kumar (AASB Chairperson) and CA. Ravi Kumar Patwa (Vice Chairman) emphasized that the panel’s advice represents personal expert opinions, not official ICAI or AASB stances, and cannot be cited in legal proceedings. Members are urged to exercise independent judgment while drafting reports.
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It was stated that “Members are specifically informed that the views expressed by the experts of the panel would be their personal views and not necessarily the views of the AASB or the ICAI. AASB, ICAI or the members of the Panel, do not accept any responsibility for actions taken by the querists based on such advice. Further, these views are not to be used as evidence in any non-judicial/ quasi-judicial/ judicial proceeding before any authority.”
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