| Audit of banks is an important area of professional opportunity for the members. This opportunity, however, comes with a heavy responsibility too both in terms of the expectations of the government, the regulator as well as the public at large, in addition to the professional responsibility to keep update with the professional pronouncements issued by the Institute as well as the circulars issued by the Reserve Bank of India from time to time. |
| The Institute, from time to time, has been bringing out a number of non-authoritative publications on audit of banks as and also publishing articles on the topic in its monthly journal. The benchmark publication of the Institute in this area has been the Guidance Note on Audit of Banks, an authoritative pronouncement of the Institute. |
| The 2008 edition of the Guidance note has been divided into four distinct parts. Part I contains chapters dealing with the information about the banking industry, its legal framework, accounting and auditing framework. This Part also contains chapters on significant financial statement items- their presentation in the financial statements, relevant RBI guidelines, etc. The second part of the Guidance Note has been devoted to the basic audit considerations in branch office vis a vis head office, audit procedures for each of the financial statement item discussed in part I. Part III and IV contain guidance on head of/ branch office LFAR and special aspects such as Ghosh Jilani Committee requirements, SLR certification, etc., respectively. |
| The 2008 edition of the Guidance Note has been updated from the 2006 edition to include the current requirements of not only the latest RBI master circulars, but also other important circulars such as outsourcing of financial services by banks, stress testing, etc as well as other aspects such as service tax, etc. The Guidance Note comes with a CD containing important RBI circulars issued upto 15th Feb. 2008. |
Issued in February, 2008.
Available only as a separate publication of the Institute (price: Rs. 400/- (inclusive of CD).
ISBN: 978-81-8441-018-1. | | |
