2006 Revised Guidance Note on Audit of Banks

New guidance

The Council of the ICAI, at its last, 258th meeting held on March 8, 2006 finalised the 2006 edition of the Revised Guidance Note on Audit of Banks. The 2006 edition of the guidance note enshrines the impact of the various circulars of the RBI as well as important pronouncements of the ICAI, especially:

 New/ revised circulars of RBI in respect of prudential norms, investment portfolio, capital adequacy, exposure norms, CDR, CRR and SLR etc.;
 Risk-based approach including assessment of risk based internal audit and supervision, including a checklist on assessment of risk based internal audit;
 Detailed guidance on various risks in the banking industry;
 Impact of IT environment on audit, including audit checklist, audit of ATM transactions;
 Developments in taxation, including banking cash transaction tax, fringe benefit tax;
 New illustrative formats of audit reports in case of nationalised banks and banking companies; and
 Text of all the relevant circulars of RBI as separate Appendix – both in printed form as well as on CD.

The guidance note provides an exhaustive reference material on the knowledge of the business. It is divided into two parts – part I contains the text of the guidance whereas part II, Appendices, contains the text of the relevant circulars issued by the RBI. Part I is divided into four sections – initial considerations, audit of branches, audit of head office and other aspects.
Copies of the guidance note would be available for sale at the sales counter at New Delhi on MARCH 20, 2006 and at other sales counters of the ICAI in a day or two thereafter.

Alternatively, you can also send a demand draft in favour of the “Secretary, the Institute of Chartered Accountants of India”, payable at New Delhi, covering the cost of the publication as well the courier charges.

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