Bank audit

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Alok mukherjee (Querist)
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12 February 2012 Concurrent audit is done is banks, then what is the need for a statutory audit of the bank?
can concurrent & statutory bank audit be performed by the same CA?
two separate reports are to be issued?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 February 2012 Concurrent & Statutory audit cann't done by the same CA. An auditor who is the concurrent or internal auditor to a bank is not eligible to statutory auditor of the such bank. For the regular check up and the efficiency in the work and to rectifying the mistakes immediately etc.... concurrent audit is required the statutory audit is prescribed by the Company Law and the RBI.
OM SAI SRI SAI JAI JAI SAI

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Alok mukherjee

Alok mukherjee (Querist)
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12 February 2012 thanks Dintakurthi!!

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