Auditing and Assurance Standards Board

The Institute of Chartered Accountants of India

Page 1 of 2 March 31, 2022

ONLINE PANEL OF EXPERTS FOR

ADDRESSING BANK BRANCH AUDIT RELATED QUERIES

Dear Members,

The bank audit season is around the corner. Various significant announcements have been made by the Reserve Bank of India (RBI), which requires the attention of Statutory Branch Auditors (SBAs), including revised guidelines regarding Prudential Norms on income recognition, asset classification and provisioning pertaining to advances dated October 01, 2021 and clarifications thereon dated November 12, 2021 and dated February 15, 2022, master directions of RBI on Classification, Valuation and Operation of Investment Portfolio; Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR); Transfer of Loan Exposures; and Presentation & disclosures of financial statements of banks. The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has issued 2022 edition of Guidance Note on Audit of Banks to guide the members w.r.t. the aforementioned developments. The Guidance Note has also been updated in light of recent pronouncements of ICAI having bearing on bank audits and amendments/changes in applicable laws or regulations.

For more ionformation