Quick Summary
Bank Branch Audit of Public Sector Banks for the year 2019-20 In these tough times of the global spread of pandemic COVID-19, challenges are being faced by one and all. Limited physical movement, restricted access to information and constraints of resources have impacted all the economic processes pervasively. In respect of the bank branch audit of the Public Sector Banks (PSBs) for the year 2019-20, series of concerted efforts have been made by Professional Development Committee of ICAI.
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FAQ :
The ICAI's Professional Development Committee has made representations and issued advisories to ensure the timely and effective completion of bank branch audits for Public Sector Banks, particularly in light of the COVID-19 pandemic.
Challenges include limited physical movement, restricted access to information, and constraints on resources due to the global spread of the COVID-19 pandemic.
Yes, the ICAI approached the RBI and various regulators on March 20, 2020, seeking relaxation of timelines for statutory audit filings and other compliances due to the COVID-19 pandemic.
ICAI issued an advisory on April 13, 2020, to approximately 35,000 eligible firms, guiding them on initiating the process of statutory bank branch audits remotely to ensure timely and effective completion.
Yes, on April 16, 2020, ICAI submitted a representation to the RBI reiterating that the number of branches and the scope of bank branch audits should not be reduced.
Yes, ICAI plans to conduct webinars to discuss challenges and provide practical resolutions for online bank branch audits, and an expert panel will be formulated to address member queries.
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