ICAI issued clarification on acceptance of certain assignments by concurrent auditor of bank branches

Last updated: 10 April 2023

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The Institute of Chartered Accountants of India (ICAI) has provided clarification regarding assignments that bank branch concurrent auditors can accept. Concurrent auditors can undertake Long Form Audit Reports (LFAR) for branches not undergoing statutory audits, with statutory auditors handling LFARs for branches subject to statutory audits. Additionally, concurrent or internal auditors may provide certifications addressed solely to the bank's management, but cannot perform statutory audits or certify financial statements.

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

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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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ICAI issued clarification on acceptance of certain assignments by concurrent auditor of bank branches