Applicability of the Revised Audit Report Formats (including for bank/ bank branch audit reports) and Reporting in respect of Memorandum of Changes in Bank Audit Reports As you would be aware, the Institute of Chartered Accountants of India had pursuant to the issuance of the Revised SA 700, Forming An Opinion and Reporting on Financial Statements, prescribed a revised format of the auditor’s report on financial statements. This revised format was to be effective from the audits relating to the financial year 2011 – 12.
However, due to wide spread requests from the membership, at large, the applicability of this revised format was deferred by one year. Accordinglty, I request you to note that the audit reports in respect of audits of financial statements for periods beginning on or after 1st April 2012 are to be issued in this revised format.
The text of the revised auditor’s report format appears in the Appendix to the Revised SA 700 and can be downloaded from website of the Institute of Chartered Accountants of India at URL:
https://220.227.161.86/17874sa700annx1.pdf . FOR THE READY REFERENCE OF MEMBERS CARRYING OUT AUDIT OF BANKS/ BANK BRANCHES, THE AUDITING AND ASSURANCE STANDARDS BOARD OF THE ICAI HAS DEVELOPED RELEVANT AUDIT REPORT FORMATS IN LINE WITH THE REQUIREMENTS OF THE REVISED SA 700. THESE FORMATS ARE ATTACHED WITH THIS MAIL. I MAY, INCIDENTALLY, ALSO MENTION THAT ICAI HAS ALREADY SENT A COMMUNICATION TO RBI REGARDING THESE REVISED AUDIT REPORT FORMATS BEING APPLICABLE FOR AUDITS FOR FY 2012-13 AND ONWARDS.
Further, members undertaking bank audits are also requested that, pursuant to a recent communication by the Reserve Bank of India to ICAI in this regard, the total number and amount of debits/ credits arising pursuant to the Memorandum of Changes submitted by them, be given under the heading “Other Matters Paragraph” on the face of the audit report/s issued by them. Necessary guidance in this regard is being provided in the 2013 Guidance Note on Audit of Banks which would be issued soon.
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