2014 Guidance Note on Audit of Banks released by Auditing & Assurance Standards Board of ICAI

Dear Members,

Sub     :           2014 Guidance Note on Audit of Banks released by Auditing & Assurance Standards Board of ICAI

It gives me immense pleasure to inform you that the Auditing & Assurance Standards Board of ICAI has released the 2014 Guidance Note on Audit of Banks. 

The 2014 edition of the Guidance Note has been written to not only reflect the important regulatory changes that have been brought about by the Reserve Bank of India since 2013 through its Master and other general circulars issued till 23^rd February 2014 as usual but also implementation of Core Banking Solutions at almost all levels in the banks. 

The guidance to the auditors has also been suitably revised to, among other things:
 

• Reflect the impact of CBS on financial reporting system
• Build up risk based audit approach to be adopted pursuant to the current suite of auditing standards
• Provide guidance on frequently raised queries of members

We have also removed repetitive guidance and shift certain conceptual and basic level aspects to the accompanying CD to reduce the volume of the publication and make the Guidance Note more user-friendly. 

The CD accompanying the books also contains important data such as text of RBI's Master Circulars as well as other important circulars issued till 23^rd February 2014, appendices, illustrative checklists, etc.

The complete text of the Guidance Note can be downloaded from the URL: http://www.icai.org/post.html?post_id=10441

The printed copies of the 2014 Guidance Note on Audit of Banks would soon reach your respective Regional Council or Branch.

Warm regards


(CA. ABHIJIT BANDYOPADHYAY)
Chairman, Auditing & Assurance Standards Board

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