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Bank Audit

Tahseen Tabassum (CA-FINAL) (644 Points)

01 August 2009

What does Long Form Audit Report (LFAR) means, which is specified by RBI and are submitted by the Auditers of Public Sector Banks, Pvt. Sector Banks & Foreign Banks??

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9 Replies

Vinod Kashyap (XBRL Training) (451 Points)
Replied 06 August 2009

Long Form Audit Report (LFAR) is a detailed Report on deficiencies/ non-compliance of various regulations observed by the Auditor during the course of his Audit, which cant be reported in his main Report. The simplest example of the same is observations / deficiencies in a Loan Account.

Thanks,

Vinod

hemal (CA FINAL) (176 Points)
Replied 25 September 2009

LFAR is formet of audit report given by the RBI. At the time of communication of appointment, LFAR is sent in triplicate with appiontment letter. It is type of questionery in nature. Generally it contain all the area of bank which require speicial attention.

Tahseen Tabassum (CA-FINAL) (644 Points)
Replied 27 September 2009

Thank you for your reply

REYAZ AHMED (Internal Auditor) (26 Points)
Replied 29 September 2009

What is VITAL Attribution in Internal Audit reports?

hemal (CA FINAL) (176 Points)
Replied 29 September 2009

Generally docments verification for the granting of advances is importent area however formet provided by the bank at the time of appiontment is required to be fill. so u can not skip any area as this is not importent.

REYAZ AHMED (Internal Auditor) (26 Points)
Replied 29 September 2009

Thank you for answering my question. however I am sorry I was not able to understand as to waht you are trying to convey and also the language was not understood.

If you don't mind please expain it in detail to me

hemal (CA FINAL) (176 Points)
Replied 01 October 2009

Loans r granted after documentation of necessary documents like DP notes, Sales agreement, RC buk etc. U hav check it. Advances are the most importent area in bank concurrent audit as it can not be checked in statutory audit of banks. However bank provides formet for report. U hav to check all the points as specified in the formet.