ICAI Advisory on PSBs Statutory Branch Audit of COVID-19
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ICAI Advisory released the 2019-20 Branch Audit of PSBs Bank In COVID -19
Gist from the ICAI Advisory released the 2019-2020 Branch Audit of PSBs Bank & Present Position of Branch Statutory Auditor Audit Conduct during this COVID -19 Pandemic Scenario
- The essence from the ICAI Advisory published the PSBs Bank & Circular Branch Audit 2019-20 issued by RBI with respect to Branch Auditor Audit Actions. Members / CA businesses awarded the PSB Division Audit for 2019-2020.
- The ICAI has instructed the bank branch audit process to be conducted remotely by searching for some details over the net and also asked the bank to keep the balance required data/documents ready to ensure that the audit process is effectively undertaken and completed as and when physical access to the branches is allowed in the coming days, in compliance with government regulatory guidelines.
- The Bulletin also said that ICAI’s Professional Development Committee (PDC) will hold a few seminars to discuss and resolve the various challenges that the statutory branch auditors are likely to face, as well as the practical resolutions to them.
- In addition, similar to previous years, ICAI’s AASB has formed an advisory panel to answer the questions related to formal bank audits presented by the participants.
- How Chartered Accountants to conduct the Bank Branch Statutory Audit
Guidance’s for Bank Branch audit
New RBI direction during this COVID -19 Pandemic Scenario. With regard to Bank branch Audit is as below
- This year, a compulsory audit of branches with advances over Rs 20 crore is not compulsory.
- A total of 90 percent of advances must be audited separately for funded and non-funded advances (previously 90 percent of total advances). Big relief for bank branch audits,90 percent of advancements to be covered, time even extended. Great technical achievements. There may be minimal casualties for small branches. Banks encouraged to guarantee advance coverage.
- Banks that have already assigned branches can still make the required changes if required.
- Auditors who are reluctant to perform a corona impact audit and refuse to audit then banks can appoint additional auditors with permission from RBI.
- In the case of remote branches, banks should ideally organize auditing via electronic media from separate locations.
- RBI Updated branch coverage Guidelines- RBI Says This is supposed to allow banks some versatility in rising the number of branches protected by branch audits without losing the percentage of coverage of the bank’s company.
Potential effects of the new Scenario may come on bank branch audit –
- Branches of 3 to 2 branch can be available for audit purpose may be.
- In Branches fall in red zone hotspot areas the branches cannot be audited
List of CA Firm in India which are approved For Appointment As Bank Statutory Auditor (Statutory Central Auditors Or Scas) For Financial Year 2022-23
| Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 PSBs for Financial Year 2022-23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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