Statutory Audit
    Service

    Bank Audit.

    Banks commission several kinds of audit from chartered accountant firms: concurrent audit, which examines transactions soon after they happen; revenue audit, which looks for income leakage; and statutory branch audit at year-end. We carry out these assignments under the Reserve Bank of India's directions on concurrent and statutory audit and the ICAI Standards, and report to the bank's audit function.

    See how it works

    Free 30-minute call with a partner

    About Bank Audit. No obligation — we reply within one business day.

    Typical timeline

    Concurrent audit runs through the year, with reports at the frequency the bank sets, often monthly. Revenue and branch audits typically take a few days to two weeks per branch, depending on the size of the advances portfolio.

    Who leads it

    A partner — a chartered accountant or company secretary — from the first call to sign-off.

    Fees

    Based on your situation, and fixed in writing before any work starts.

    Who it's for

    Is this for you?

    • Commercial and co-operative banks appointing concurrent auditors for branches or treasury
    • Banks commissioning revenue or income-leakage audits of branches
    • Banks appointing statutory branch auditors, including long form audit report (LFAR) work
    • Lenders needing stock and receivables audits of borrower accounts
    What you get

    What you receive at the end.

    • 01Periodic concurrent audit reports with risk-rated observations
    • 02Revenue audit report quantifying income leakage and recoveries
    • 03Statutory branch audit report and long form audit report (LFAR) at year-end
    • 04Special reports to controlling offices on serious irregularities
    How it works

    Bank Audit, step by step.

    Typical timeline

    Concurrent audit runs through the year, with reports at the frequency the bank sets, often monthly. Revenue and branch audits typically take a few days to two weeks per branch, depending on the size of the advances portfolio.

    1. 1

      Appointment and scope

      The bank appoints us under its board-approved policy, defines the branches or units and the areas to cover, and shares earlier reports.

    2. 2

      Branch-level planning

      We study the branch profile, large and stressed advances, earlier audit and inspection findings, and pending compliance.

    3. 3

      Transaction testing

      We examine cash, deposits, KYC and anti-money-laundering checks, and advances: sanction, documentation, charge creation and end use of funds.

    4. 4

      Revenue and asset checks

      We test interest application, charges and fees for leakage, and check asset classification and provisioning against RBI norms.

    5. 5

      Reports and compliance

      We issue concurrent audit reports at the frequency the bank sets, revenue audit findings with amounts to recover, or the branch audit report and LFAR at year-end, and follow up compliance.

    Before we start

    What we need from you.

    Don't have everything yet? We send a short checklist after the first call and work with what you have.

    • Appointment letter and scope from the bank
    • Access to the core banking system and reports
    • Advances files, sanction letters and security documents
    • Previous concurrent, internal and inspection reports with compliance status
    • Lists of non-performing, special-mention and large-exposure accounts
    • Branch returns and balancing records
    How fees work

    The fee depends on your situation. After a short call, the partner who will do the work tells you what's involved and gives you a fixed fee in writing — before any work begins.

    • Government fees and statutory charges are billed at actuals.
    • When you pay — upfront, in stages or on completion — is agreed in writing with the fee.
    FAQs

    Questions about Bank Audit.

    Statutory branch auditors are appointed by the bank each year under the RBI's directions on statutory audit, from firms that meet the eligibility criteria. Concurrent and revenue auditors are appointed by the bank under its own board-approved policy, within the RBI's concurrent audit directions.

    Speak with a partner

    Ready to discuss Bank Audit?

    30-minute confidential call — no proposal, no commitment. A partner will write back within one business day.

    Contact details