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Audit News

Bank of India invites online applications from eligible CA firms as Concurrent and Revenue Auditors for empanelment. Notice for CA firms applying for empanelment as Concurrent/Revenue Auditor - Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Co..

Posted in Audit |   1413 Views

The profession of accountancy and auditing throughout the world is regulated and licenses are granted by the Regulator/Sovereign to the auditors to ensure probity in financial statements. The Institute of Chartered Accountants of India (ICAI) is a statutory body set up in 1949 by an Act of Parliamen..

Posted in Audit |   379 Views

Announcement Sub. : Clarification on Fees from a single client As the members are aware, the revised Code of Ethics will come into effect w.e.f 1st July, 2020. Some members have expressed their concern on one of the provisions contained in Paragraph R410.4 of the Volume-I of revised Code of E..

Posted in Audit |   7048 Views

Addendum to the Guidance Note on Audit of Banks, 2020  Addendum to the Guidance Note on Audit of Banks, 2020 Edition with reference to RBI circular no.: RBI/2019-20/186 DOR.No.BP.BC.47/21.04.048/2019-20 dated March 27, 2020 on COVID 19 - Regulatory Package  The RBI issued a ..

Posted in Audit |   274 Views

AUDITING AND ASSURANCE STANDARDS BOARD CONSTITUTES ONLINE PANEL OF EXPERTS FOR ADDRESSING BANK BRANCH AUDIT RELATED QUERIES FOR THE FINANCIAL YEAR 2019-20 Dear Members, The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographica..

Posted in Audit |   338 Views

The members have raised concerns that during the period of ongoing lockdown, it is not possible for the Incoming Auditor to communicate with the Retiring Auditor through the mode(s) of communication permissible in terms of provisions of Code of Ethics. The existing Code of Ethics, 2009 , provides..

Posted in Audit |   461 Views

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 processe..

Posted in Audit |   1125 Views

The ICAI announced that the members of ICAI may use electronic signature for signing audit reports, all reports issued pursuant to any attestation engagement and certificates. However, the members need to ensure compliance with all the requirements relating to signature prescribed in the relevant la..

Posted in Audit |   556 Views

EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 140 GOVERNANCE The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 140, Governance. Comments are most helpful if they indicate a clear rationale and, ..

Posted in Audit |   374 Views

The Ministry of Corporate Affairs(MCA) on the 25th of February, 2020 in consultation with the  NFRA notified that the Companies (Auditor's Report) Order 2020 which will supersede Companies (Auditor's Report) Order 2016. The order notified on the following points: 1..

Posted in Audit |   1998 Views

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