1 Replies
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 17 September 2021
Long form Audit Report (LFAR) is a questionnaire prepared by RBI which an auditor has to answer. The nature of transactions reflected in such accounts as at year end and its impact on the Books of Accounts, if any.
A bank audit is a formal process in which the services, systems, financial statements, and/or procedures of a bank, credit union, or other financial institution is reviewed and summarized in a report.
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