Statutory audit of banks explained
In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. In this post let us study what is a statutory audit. RBI issues new guidelines for the Appointment of Statutory…
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Which are the Tax-Related Items verified by the bank’s statutory auditors?
The Reserve Bank of India in consultation with the ICAI appoints qualified Chartered Accountants as Statutory Auditors of the banks. The auditor appointed as statutory auditor of a bank branch shall conduct the audit at the end of the financial year i.e.as of 31st March of the relevant year. Nowadays, the bank branches are working…
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Security Arrangements in banks and ATMs
Given the prevailing law and order situation and other subversive activities carried out by antisocial/extremist organizations in the country mainly targeting the banks, the Reserve Bank of India and Indian Bank Association had prepared checklists of guidelines for stringent security arrangements for implementation in banks. The “Report of the Working Group to Review Security Arrangements…
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RBI curtails quantum of declaration of dividends by banks
Reserve Bank of India while allowing banks to pay dividends on equity shares, reviewed the dividend declaration norms for the year ended March 31, 2021. “In view of the continuing uncertainty caused by the ongoing second wave of COVID-19 in the country, it is crucial that banks remain resilient and proactively raise and conserve capital…
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How the credit audit is conducted in banks?
In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit? (4) What is a Legal Audit? (5) Concurrent Audit System in bank. (6) What is a statutory audit? In this post let us study how the loan accounts are verifying the loan…
How has Cash balance verification done in Banks?
Examining the cash balance at the bank branch is routine job for the senior officer of the branch assigned with the job. Physical verification may be carried out by the branch head on a surprise basis. The statutory auditors appointed by the bank have to verify the cash balance at the branch at the end…
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