Disclosure of Summary of the Significant Accounting Policies Banks should disclose the accounting policies regarding key areas of operations at one place, i.e., under Schedule 17, along with notes to […]
Audit - 15. page
Audit Approach
Audit Approach The auditor’s primary objective in audit of disclosures made in the notes to accounts is to satisfy himself that such disclosures are free from material misstatement. Examination of […]
Disclosures Prescribed by RBI15
Disclosures Prescribed by RBI15 Banks are also required to comply with the Accounting Standard 1 on “Disclosure of Accounting Policies” issued by the Institute of Chartered Accountants of India (ICAI). […]
Repo Transactions
Repo Transactions The details of Securities sold under repo and Securities purchased under reverse repo for Government and Corporate debt securities during the year should be disclosed stating minimum and […]
Profit/ Loss on Revaluation of Fixed Assets
Profit/ Loss on Revaluation of Fixed Assets The auditor should satisfy himself about the appropriateness and proper application of the basis of revaluation of fixed assets adopted by the bank. […]
Interest on Deposits
Interest on Deposits The auditor may assess the overall reasonableness of the amount of interest expense in accordance with Master Direction DBR. Dir No.84/13.03.00/2015-16 “Reserve Bank of India (Interest Rate on […]
Operating Expenses
Operating Expenses Generally the audit procedures followed by auditors in any entity are to be followed. Payments to and Provisions for Employees The auditor should ascertain the procedure followed by […]
Disclosure Requirements in Financial Statements
Disclosure Requirements in Financial Statements : Sub-sections (1) and (2) of section 29 of the Banking Regulation Act,1949 deal with form and content of financial statements of a bankingcompany. Sub-section […]
Commission Income
Commission Income Auditor may check the items of commission, exchange and brokerage on a test check basis. Such examination can be done for commission earned on bills sent for collection, […]
Provisions and Contingencies
Provisions and Contingencies This item represents the aggregate of the provisions made in respect of the following: (a) Non-performing assets (b) Taxation (c) Diminution in the value of investments (d) […]