New Release: Guidance Note on Audit of Banks (2025 Edition)

On 18th February 2025, the Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) unveiled the Guidance Note on Audit of Banks (2025 Edition).

Key Highlights:

• Annual Updates: The Guidance Note reflects the latest changes in banking regulations, including Master Directions and Circulars from the RBI, updates from ICAI, and amendments in relevant laws.
• Comprehensive Structure: The document is divided into two sections: Section A: Statutory Central Audit Section B: Bank Branch Audit
• Valuable Resources: Includes illustrative formats for engagement letters, auditor’s reports, management representation letters, and more.

For all professionals in the banking audit domain, this Guidance Note is an invaluable tool for upholding audit quality and ensuring compliance with evolving industry standards.

Members are encouraged to read this along with other key publications from AASB, such as:

• Technical Guide on Audit of Internal Financial Controls in Public Sector Banks
• Technical Guide on Revised Formats of Long Form Audit Report
• Guidance Note on Reports or Certificates for Special Purposes (Revised 2016)

Let’s stay ahead of the curve and continue strengthening the credibility and transparency of the banking sector through top-notch audit practices!

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