The audit is classified into many different types and levels of assurance according to the objectives, scopes, purposes, and procedures of how auditing is performed. The financial statement auditing is done normally in accordance with International Standards on Auditing (ISA) as well as other local auditing standards. An operational audit involves checking the efficiency of…
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced that banks are allowed to utilise100 per cent of floating provisions/counter-cyclical provisioning buffer for making specific provisions for non-performing assets. RBI in its circular dated May 5, 2021 stated that “In order to mitigate the adverse impact of COVID 19 related stress on…
RBI on Wednesday announced provision of immediate liquidity for ramping up COVID related healthcare infrastructure and services in the country, an on-tap liquidity window of ₹50,000 crore with tenors of up to three years at the repo rate is being opened till March 31, 2022. Wide range of entities including vaccine manufactures; importers/suppliers of vaccines…
RBI on Wednesday (5th May) announced Resolution Framework 2.0 targeting individual, small businesses and MSME borrowers. In terms of RBI’s Febraury 5th circular, Scheduled Commercial Banks were allowed to deduct the amount equivalent to credit disbursed to new MSME borrowers from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio…
(No punitive restrictions on Account Operations for non compliance of periodic upation of KYC till Dec 31) Reserve Bank of India on Wednesday advised Banks and other Regulated Entities (REs) that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no punitive restrictions on operations of…
Reserve Bank of India (RBI) Governor Shaktikanta Das today made an unscheduled speech as the second wave of coronavirus continues to devastate the country. “As the financial year 2020-21 – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills…
Historically, the internal audit system in banks has been concentrating on transaction testing, testing of accuracy and reliability of accounting records and financial reports, integrity, reliability, and timeliness of control reports, and adherence to legal and regulatory requirements. Recently, vide circular DoS.CO.PPG./SEC.04/11.01.005/2020-21 dated January 07, 2021, RBI asked banks to align their internal audit function…
Revenue audit of a bank branches is the audit of items governing income & expenditure of banks.The audit is conducted with a view to verify the accuracy, relevance of expenditure incurred & Incomes earned by the banks according to applicable latest notification and circulars. The audit is entrusted to a Charted Accountant who has to…
The confirmed DA for bank employees and officers from 1st May 2021 will decrease by 0.56 compared to the last quarter. Based on the CPI announced by the Labour Bureau today, the average index number would be 7818. It means Dearness Allowance for the bank staff will be 366 slabs (25.62 %) or a decrease…
The confirmed DA for bank employees and officers from 1st May 2021 will decrease by 0.56 compared to the last quarter. Based on the CPI announced by the Labour Bureau today, the average index number would be 7818. It means Dearness Allowance for the bank staff will be 366 slabs (25.62 %) or a decrease…