Banking sector is one of the most important pillars for an economy. We all as users of financial statements rely upon their credibility. The role of statutory auditors hence gets extremely important. In order to keep them well versed with the latest developments in banking sector, ICAI has issued Guidance Note on Audit of Banks,2020.
Let’s have a look on the highlights;
Section A is based on important aspects of Statutory Central Audit and contains topics like Personal Banking and Operations Department, Retail Banking and Marketing Department, Wealth Management and Third Party Products, International Banking Division etc
Section B throws light upon Bank Branch audit highlighting about areas like Practical Guide for Statutory Branch Auditors performing Bank Branch audit for the first time, Bank Branch Audit Planning, Audit Documentation in Bank Branch Audit, so on and so forth.
The appendices provide illustrative formats of various certificates and reports.
You can find the complete Guidance Note on Audit of Banks,2020 here