AUDIT Reserve Bank of India Revised the Branch Statutory Audit Policy

Reserve Bank of India Revised the Branch Statutory Audit Policy

Reserve Bank of India Revised the Branch Statutory Audit Policy

The Reserve Bank of India Revised the Branch Statutory Audit Policy

·        For the Financial Year 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under statutory audit of Bank/ statutory audit Branch Audit

·        Now statutory audit of Bank/ statutory audit Branch Audit - there is Maximum 2 branches to be allotted to each statutory audit of Bank/ statutory audit Branch auditor

·        From Next Year, 2023-24, Public sector undertaking Banks empowered to Decide Audit Coverage % Age.

·        It is Important to note That - Reserve Bank of India Category Four criteria also changed from Next Year-

Firm having at least two exclusive partners (With or Without Bank Audit Exp.) with 3 Years firm Standing will be reckoned as Category four Firm Or,

Firm with One Exclusive Partner & One CA Employee (With or Without Bank Audit Exp.) but with 6 Years Firm Standing will be considered as Category four Or,

Firm with Proprietor Only will be counted as Category four only if firm is Six Years Old AND Proprietor has Minimum three Years Bank Audit Experience of Public Sector Undertakings or Private Bank

The Reserve Bank of India Revises Bank Audit Fee: Know changed in statutory audit Branch Audit  Fees

The RBI has revised the statutory audit of Bank/ statutory audit Branch Audit Fee Structure. By revising the fee structure, and The Reserve Bank of India has been Revises statutory audit of Bank Audit Fee structure it has increased the fees for statutory audit of Bank Branch Audit by 10%.

Statutory Bank Branch Audit for the Financial Year 2022-2023

Names of Chartered accountants Audit firms approved for appointment as Statutory Bank Branch Auditors (SAs) or Statutory Central Auditors (SCAs) of Foreign Banks, Private Sector Banks, Payments Banks, Small Finance Banks, & Local Area Banks for Financial Year 2022-23 List are here under 

Following Banks Bank sent appointment letter for Continuing Auditors as well as Fresh/ New Appointments:-

  • Canara Bank
  • Bank of Baroda
  • Union Bank of India
  • UCO
  • PNB
  • Bank of Maharashtra 

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