Bank Statutory Audit

What Is Statutory Audit Of Banks?

Bank statutory audit is a mandatory audit prescribed by RBI, income tax & company’s act and conducted by the external auditors ensuring that all the financial transactions of a bank are correct & without any scam. Statutory auditors are appointed by reserve bank of India (RBI) in association with institute of chartered accountants of India (ICAI). Statutory audit is conducted at every branch of the bank at the end of every financial year. A particular time frame has been allotted to statutory auditors in which they have to complete the audit of that particular branch.

The statutory auditor report should include quantification of interest income, deposits, advances & interest
expenses. Statutory audit is very important for a bank and the most important element which we have to check while doing statutory audit of banks

Cash verification procedure – An auditor should verify the cash balances at bank branch at the end of every
financial year i.e. 31st march.

Tax related items – An auditor should check all the tax related items & compliances. For ex – TDS, 15G, 15H
etc. Verification of Loan accounts – An auditor should check all the loan accounts very cautiously.

Three steps are involved in verification of loan accounts and they are as follows –

1. Preliminary check
2. Disbursement
3. Post disbursement inspection

SS Auditors help banks by providing them specialized chartered accountants who will work as statutory auditors in different bank branches till the audit completes. The Reports issued by our experienced auditors complies with the requirements of SA 700 (Forming an opinion and reporting on financial statements), SA705 (Modifications to the opinion in the independent auditor’s report) & SA 706 (Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report).

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees