ANNOUNCEMENT
FOR THE ATTENTION OF THE MEMBERS
Applicability
of the Revised Audit Report Formats (including for bank/ bank branch audit
reports) and Reporting in respect of Memorandum of Changes in Bank Audit
Reports
1. Members are requested to note that
the audit reports for audits of financial statements for periods beginning on
or after 1st April 2012 are to be issued in the revised auditor’s report
format, as prescribed in the Revised Standard on Auditing (SA) 700, Forming An
Opinion and Reporting on Financial Statements. The text of the revised
auditor’s report appears in the Appendix to the said SA and can be downloaded
from the website of the Institute of Chartered Accountants of India at URL: http://220.227.161.86/17874sa700annx1.pdf
2. FOR THE READY REFERENCE OF MEMBERS CARRYING OUT AUDIT OF BANKS/ BANK
BRANCHES, THE AUDITING AND ASSURANCE STANDARDS BOARD OF THE ICAI HAS DEVELOPED
RELEVANT AUDIT REPORT FORMATS IN LINE WITH THE REQUIREMENTS OF THE REVISED SA
700. THESE FORMATS HAVE BEEN GIVEN ALONGWITH THIS ANNOUNCEMENT (click
here to download the formats). IT MAY ALSO BE NOTED THAT ICAI HAS ALREADY
SENT A COMMUNICATION TO RBI REGARDING THESE REVISED AUDIT REPORT FORMATS BEING
APPLICABLE FOR AUDITS FOR FY 2012-13 AND ONWARDS.
3. Further,
members undertaking bank audits are also requested that, pursuant to a recent
communication by the Reserve Bank of India to ICAI in this regard, the total number
and amount of debits/ credits arising pursuant to the Memorandum of Changes
submitted by them, be given under the heading “Other Matters Paragraph” on the
face of the audit report/s issued by them. Necessary guidance in this regard is
being provided in the 2013 Guidance Note on Audit of Banks which would be
issued soon.
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