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Ethical Standards Board The Institute of Chartered Accountants of India 9th April, 2023 Announcement Re.: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches The members have sought guidance from the Institute on the matter of acceptance of certain assignments by the Concurrent Auditor of Bank Branches. In this regard, the matters are clarified hereunder: - Long form Audit Report (LFAR) Members may take note of the following FAQs - FAQs relating t
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FAQ :
The ICAI has clarified the types of assignments bank branch concurrent auditors can accept, specifically concerning Long Form Audit Reports (LFAR) and miscellaneous certifications.
Yes, a concurrent auditor can undertake the LFAR assignment for a branch, but only if that branch is not subject to a statutory audit. If the branch is subject to statutory audit, the statutory auditor must undertake the LFAR.
Concurrent or internal auditors may perform certifications for a bank branch, provided the certificates are addressed to the bank's management and not to a statutory auditor, regulator, or anyone else.
No, a concurrent auditor or internal auditor cannot perform the statutory audit of a bank branch, nor can they certify the financial statements as audited.
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