| The above Guidance Note provides guidance to the auditors as to the duty cast on them under section 45-MA of the Reserve Bank of India Act, 1934. The said section requires the auditors of non banking financial institutions to inquire whether the latter, in case it has accepted deposits, has furnished the stipulated information and particulars in respect of those deposits to the Reserve Bank of India. The Guidance Note, among other things, deals with the following issues in this respect: |
- Meaning of auditor’s “inquiry“ under the said section.
- Procedures of the auditor in conducting such inquiry
- Evidence in “inquiry”.
- Reporting to the Reserve Bank of India
- Time from and to which the section is applicable to the auditor.
The Guidance Note also contains illustrative letters that the auditor may send to the non banking financial institutions and the Reserve Bank of India in relation to the above inquiry. The Guidance Note also, for the benefit of the members, gives an illustrative list of the returns/ statements to be filed by the aforementioned institutions and the due date thereof.
Published in May, 1976.
Published in the Handbook of Auditing Pronouncements, Vol. II (Edn. 2005). Not available separately. | |
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