1. The Professional Committee of the Institute of Chartered Accountants of India ( ICAI ) has issued Advisory for Bank Branch Auditors- 2019-20 for initiating the process of Statutory bank branch audit remotely to ensure timely and effective Bank Audit.
2. The Advisory has been emailed to all the Applicants whose names were appearing in the RBI Bank Branch Auditors Panel. Members / CA Firms who have been allotted the Branch Audit of PSBs for the year 2019-2020.
3. The ICAI has directed to initiate the process of bank branch audit remotely by seeking certain information through net and also asking the bank to keep balance requisite data/documents ready to ensure that the audit process is effectively initiated and concluded as and when the physical access to the branches is permitted as per government regulatory guidelines in coming days.
4. The Advisory also said that the Professional Development Committee (PDC) of ICAI will be conducting a couple of seminars to discuss and resolve the various challenges which the statutory branch auditors are likely to face and the practical resolutions thereto.
5. Further, similar to earlier years, an expert panel has been formulated by AASB of ICAI to address the queries related to statutory bank audits raised by the members of ICAI.