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.
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.
A partner — a chartered accountant or company secretary — from the first call to sign-off.
Based on your situation, and fixed in writing before any work starts.
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 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
Bank Audit, step by step.
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
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
Branch-level planning
We study the branch profile, large and stressed advances, earlier audit and inspection findings, and pending compliance.
- 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
Revenue and asset checks
We test interest application, charges and fees for leakage, and check asset classification and provisioning against RBI norms.
- 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.
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
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.
Questions about Bank Audit.
Ready to discuss Bank Audit?
30-minute confidential call — no proposal, no commitment. A partner will write back within one business day.