Clarification Issued by ICAI on Acceptance of Certain Assignments by Concurrent Auditor of Bank Branches

Clarification Issued by ICAI on Acceptance of Certain Assignments by 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 to professional ethics of members pertaining to Bank Assignments”

Whether the Concurrent Auditor of a Branch of a Bank can undertake the assignment of LFAR of the same Branch?

The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Statutory Audit. With respect to Branches which are subject to Statutory Audit, the LFAR assignment shall be undertaken by the Statutory Auditor.

Miscellaneous Certification

The concurrent auditor/Internal Auditor may undertake the assignment of certification for a Bank branch only if the certificates are addressed to the Bank’s management i.e not addressed to the statutory auditor/a regulator/ without being addressed to anyone in particular.

Certification of audited financial statements

The Concurrent Auditor/ Internal Auditor can neither perform Statutory Audit of the financial statements of a Bank Branch , nor certify them as audited financial statements.

Join us on LinkedIn and Telegram Group for regular updates.
Disclaimer: The information provided above is for informational purpose only. This website do not provide any recruitment guarantee. Neither the author nor cmajob and its affiliates accept any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.