| As the members are aware, bank audits for the year ending 31st March, 2007 are just round the corner. The Institute had last year brought out the thoroughly revised edition of the Guidance Note on Audit of Banks to help members carryout the bank audits in a more effective and efficient manner. |
| Though the RBI hosts the text of all the circulars issued by it on its website, neither all the circulars are relevant for statutory audit of banks nor it is easy to ascertain that which are the circulars relating to audit that contain any significant changes from the guidance provided in the Guidance Note last year. Accordingly, for ease of reference and to have a quick glance at the significant changes made by RBI this year, the Auditing and Assurance Standards Board of the Institute has decided to host the Comparative Statements of certain circulars, having material impact on statutory audits of banks, along with the text of those circulars, on ICAI’s website instead of bringing revised edition of the 2006 Guidance Note. |
| Members are requested to carefully go through the requirements of each of these circulars to assess their impact on their audit assignments. The members are also requested to keep themselves aware of any other circular(s) having an impact on bank audits. |
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| Comparison Enhancement of Banks "Capital Raising Options" |
| Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) |
| Disclosure in Balance Sheets |
| Guarantees & Co Acceptances |
| Guidelines on Compliance with Accounting Standard 11 |
| Income Recognition, Asset Classification (IRAC) |
| Loans and Advances |
| Prudential Norms for Classification, Valuation of Investment Portfolio |
| Prudential Norms on Capital Adequacy |
| Exposure Norms |
| Para Banking |
| Some Other Relevant Circulars Issued Subsequently |
