ICAI Unveils Updated 2024 Edition of Guidance Note on Bank Audits

The Institute of Chartered Accountants of India (ICAI) has unveiled the revised 2024 edition of the Guidance Note on Audit of Banks. This updated version consists of two sections: Section A, addressing Statutory Central Audit, and Section B, concentrating on Bank Branch Audit. Alongside these sections, the Guidance Note incorporates various appendices containing illustrative formats like engagement letters, auditor’s reports for nationalized banks and banking companies, management representation letters, and pertinent texts of master directions, master circulars, and other circulars issued by the Reserve Bank of India (RBI).

The revision process entailed the initial creation by writers and reviewers, succeeded by consolidation by a dedicated group. The ultimate refinement of the Guidance Note was accomplished through the inputs of Board members and Council members of ICAI. It is noteworthy that the Auditing and Assurance Standards Board (AASB) has concurrently issued two distinct publications pertaining to bank audits: the “Technical Guide on Audit of Internal Financial Controls in case of Public Sector Banks” and the “Technical Guide on Revised Formats of Long Form Audit Report”. Members are advised to consult these publications for additional guidance.

A. Foreword and Preface of Past Years
B. Text of Guidance Note on Audit of Banks (2024 Edition)

C. Appendices of the Guidance Note on Audit of Banks (2024 Edition)
1.Appendices of Section A – Statutory Central Audit of Guidance Note on Audit of Banks (2024 Edition)
2.Appendices of Section B – Bank Branch Audit of Guidance Note on Audit of Banks (2024 Edition)

D. Text of Relevant Master Circulars Issued by the RBI
1.List of Relevant Master Circulars Issued by the RBI
2.Master Circulars

E. Text of Relevant Master Directions Issued by the RBI
1.List of Relevant Master Directions Issued by the RBI
2.Master Directions

F. Text of Relevant Notifications, FAQs and General Circulars
1.List of Relevant Notifications, FAQs and General Circulars
2.Notifications, FAQs and General Circulars