ICAI announces Online Panel of Experts for Addressing Bank Branch Audit Related Queries

The Institute of Chartered Accountants of India (ICAI) had issued 2024 Edition of the Guidance Note on Audit of Banks to guide the members w.r.t. recent developments
ICAI - Online Panel - Bank Branch Audit Related Queries - taxscan

The Auditing and Assurance Standards Board ( AASB ) of the Institute of Chartered Accountants of India ( ICAI ) has unveiled an Online Panel of Experts to assist Statutory Branch Auditors ( SBAs ) in addressing complex queries related to bank branch audits for the financial year 2023-24.

The Reserve Bank of India ( RBI ) has recently issued revised guidelines encompassing Basel III capital regulations, prudential norms for income recognition, asset classification, and provisioning concerning advances, among other critical directives. AASB has released the 2024 Edition of the Guidance Note on Audit of Banks, reflecting the latest pronouncements by ICAI and amendments in applicable laws and regulations, to guide members in navigating these developments effectively.

Read More Here: ICAI issues Guidance Note on Bank Audits – 2024 Edition

Conducting bank branch audits within stipulated timelines presents challenges such as NPA status determination, handling complex data, understanding RBI circular implications, ensuring documentation adequacy, formulating precise audit report wordings, and addressing reporting requirements for Long Form Audit Reports, among others.

AASB has introduced an Online Panel of Experts, operational from 1st April 2024 to 30th April 2024, aimed at promptly resolving queries related to bank branch audits for the ongoing financial year. The Panel is headed by CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB, and CA. Vishal Doshi, Vice Chairman, AASB, who will provide personalized guidance to members seeking clarification on audit-related matters.

It is emphasized that views expressed by panel experts are personal and may not represent AASB or ICAI’s official stance. Users are advised not to rely on these views as evidence in judicial proceedings and to exercise independent judgment.

Queries can be emailed to bankauditfaq@icai.in.

Members are encouraged to provide concise yet comprehensive information, refrain from mentioning specific names violating client confidentiality, avoid sending duplicate queries, and craft reports independently using their judgment.

The launch of the Online Panel of Experts by AASB, ICAI, is a proactive step toward supporting members in navigating the intricacies of bank branch audits amidst evolving regulatory landscapes. This initiative aims to benefit stakeholders in the banking audit sector.

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