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 Draft Panel for Appointment/ Re-appointment of Statutory Auditors of State Co-operative Banks (Stccbs) and Central Co-operative Banks (Ccbs) for the Year 2025-26.
 Commencement of Live Virtual Classes for the students of CA. Final course appearing in May 2026, September 2026 and January 2027 Examinations.
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 Auditing and Assurance Standards Board Online Panel of Experts for addressing Bank Branch Audit related queries
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 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) Adv. Information Technology Test - Computer Based Mode (CBT) Dec 2024 Jan-Feb-Mar 2025
 Re-Scheduling of Chartered Accountants Examination scheduled to be held on 13th November 2024 (Wednesday) at the Examination Centre(s) at Hazaribagh (Jharkhand), Jamshedpur (Jharkhand), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Jhunjhunu (Rajasthan)

Acceptance of certain assignments by the Concurrent Auditor of Bank Branches
April, 11th 2023

Ethical Standards Board
The Institute of Chartered Accountants of India
9th April, 2023



Announcement

Re.: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches



The members have sought guidance from the Institute on the matter of acceptance of certain assignments by the Concurrent Auditor of Bank Branches.
In this regard, the matters are clarified hereunder: -



Long form Audit Report (LFAR)

Members may take note of the following FAQ under “FAQs relating to professional ethics of members pertaining to Bank Assignments” appearing at the website of the ICAI at https://resource.cdn.icai.org/59065esb48189.pdf :-

  • Q. 13 Whether the Concurrent Auditor of a Branch of a Bank can undertake the assignment of LFAR of the same Branch?

  • A. The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Statutory Audit. With respect to Branches which are subject to Statutory Audit, the LFAR assignment shall be undertaken by the Statutory Auditor.

Miscellaneous Certification

The concurrent auditor/Internal Auditor may undertake the assignment of certification for a Bank branch only if the certificates are addressed to the Bank's management i.e not addressed to the statutory auditor/a regulator/ without being addressed to anyone in particular.



Certification of audited financial statements

The Concurrent Auditor/ Internal Auditor can neither perform Statutory Audit of the financial statements of a Bank Branch , nor certify them as audited financial statements.

The members are required to take note of the above and comply accordingly.

Ethical Standards Board

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