ICAI Releases Revised 2024 Edition of Guidance Note on Bank Audits

The Institute of Chartered Accountants of India (ICAI) has released the revised 2024 edition of the Guidance Note on Audit of Banks. This updated version comprises two sections: Section A, covering Statutory Central Audit, and Section B, focusing on Bank Branch Audit. In addition to these sections, the Guidance Note includes several appendices containing illustrative formats such as engagement letters, auditor’s reports for nationalized banks and banking companies, management representation letters, as well as relevant texts of master directions, master circulars, and other circulars issued by the Reserve Bank of India (RBI).

The revision process involved the initial development by writers and reviewers, followed by consolidation by a dedicated group. The finalization of the Guidance Note was achieved through the contributions of Board members and Council members of ICAI. It’s highlighted that the Auditing and Assurance Standards Board (AASB) has also released two separate publications relevant to bank audits: the “Technical Guide on Audit of Internal Financial Controls in case of Public Sector Banks” and the “Technical Guide on Revised Formats of Long Form Audit Report”. Members are encouraged to refer to these publications.

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