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Guidance Note on Audit of Banks by Icai

Guidance Note on Audit of Banks by Icai

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Published by: Tekumani Naveen Kumar on Sep 03, 2013
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Guidance Noteon Audit of Banks
Members’ attention is invited to relevant circulars issued by the ReserveBank of India up to February 28, 2013, included in a CD accompanyingthis Guidance Note for ease of use and reference. Members are advisedto keep track of legislative / regulatory developments, for example,circulars of the Reserve Bank of India, issued subsequent to theaforementioned date and having a bearing on the statutory audit of banks/ bank branches for the year ended March 31, 2013.
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
New Delhi
 All rights reserved. No part of this publication may be reproduced, storedin a retrieval system, or transmitted, in any form, or by any means,electronic, mechanical, photocopying, recording, or otherwise, withoutprior permission, in writing, from the publisher 
The Institute of Chartered Accountants of IndiaWebsite : www.icai.orgE-mail : aasb@icai.orgFirst Edition : November, 1994Second Edition : March, 2001Third Edition : March, 2005Fourth Edition : March, 2006Fifth Edition : February, 2008Sixth Edition : February, 2009Seventh Edition : March, 2011Eighth Edition : March, 2013Price : Rs. 750/- (inclusive of CD)ISBN : 978-81-8841-633-6Published by : The Publication Department on behalf of theInstitute of Chartered Accountants of India,ICAI Bhawan, Post Box No. 7100,Indraprastha Marg, New Delhi – 110 002.Printed by : Sahitya Bhawan Publications, Hospital Road, Agra 282 003.March/2013/6000 Copies
The Banking Sector is the most dominant segment of the financial sector in theIndian economy. It is fairly mature in terms of product range and reach. Thebanking sector, like all economic activities, is also exposed to the risk in theconduct of their business. However, Indian banks continue to build on their strengths with good quality audits serving as the backbone of the strong bankingsystem in place today.In terms of quality of assets and capital adequacy, Indian banks are consideredto have clean, strong and transparent balance sheets relative to other banks incomparable economies. The statutory auditors have had a critical role to play inthis.I am happy that the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has come out with the Revised 2013 Edition of the Guidance Note on Audit of Banks. The Revised edition incorporates theimpact of the various circulars of the Reserve Bank of India as well as certainimportant pronouncements of the Institute which would be relevant to bank auditsfor the financial year ending March 31, 2013. At this juncture, I wish to place my appreciation to CA. Abhijit Bandyopadhyay,Chairman, Auditing and Assurance Standards Board for his zeal andcommitment in bringing out such literature and make it available to the membersat large thereby enabling them in maintaining quality in the audit servicesrendered.I am confident that the members would find the revised edition of the GuidanceNote immensely helpful.New DelhiMarch 15, 2013
CA. Subodh Kumar Agrawal
President, ICAI