Auditor’s Role:
The auditor should familiarize himself with the various circulars/ notifications/ instructions issued by Government and RBI in connection with the demonetization scheme of Government of India.
The auditor should assess based on the observations of the concurrent auditor/ special auditor/ other auditor/ inspectors, etc., whether the bank has laid down a proper system to ensure compliance of the aforesaid requirements.
In case of any material non-compliance observed, the auditor should exercise professional judgement in determining the manner of reporting of such non-compliance.