Taxmann Practical Workbook for Bank Statutory Branch Auditors By Ishwar Chandra Edition March 2022

 820

This book is a one-stop-reference manual cum audit notebook (with Hints & Checklists) for statutory branch auditing with complete & current contents. It helps branch auditors understand ‘what to do’ (based on statutory requirements & RBI Guidelines) & how to do’ (based on ICAI Standards on Auditing & current CBS environment) besides the simultaneous documentation of procedures.

 

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Taxmann Workbook Bank Statutory Branch Auditors Ishwar Chandra

Taxmann Workbook Bank Statutory Branch Auditors Ishwar Chandra

Description

One-stop-reference manual cum audit notebook (with Hints & Check-Lists) for statutory branch auditing with complete & current contents. This book is written to reduce the audit risk, besides documenting the audit work simultaneously.

This book is helpful for branch auditors in accomplishing their branch audit more purposefully & bringing more comfort to the Statutory Central Auditors, Boards and Management.

The Present Publication is the 6th Edition & amended up to 1st March 2022, authored by CA Ishwar Chandra, with the following noteworthy features:

  • [New Chapters] have been added in this book, which are as follows:
  • Audit of Provisioning
  • Audit of Resolution of Stressed Assets
  • Audit of Restructurings including the following:
  • Agriculture
  • MSME Advances covering RBI Resolution Framework – 1.0 & Resolution Framework 2.0

[Complete & Current Contents]

  • New Directions for Banks on Financial Statements Presentation and Disclosures [30th August 2021]
  • New Master Circular on Income Recognition, Asset Classification and Provisioning (IRACP) [1st October 2021]
  • Various other new Directions were issued by the RBI in 2021
  • [Revised Chapters on CBS Environment] Useful System Generated Reports & CBS reports, which are helpful for the auditors (which are also available in Finacle 10, BaNCS and Flexcube), have been added
  • [Changes made by RBI’s Extant Guidelines] have been added in the following chapters:
  • Audit of Capital Adequacy
  • Special-purpose Certifications
  • [RBI’s LFAR Review] has been added in the chapter of LFAR Procedures, which seeks information from banks’ head office and the branches; various formats suggested to collect the information have been modified based upon such new audit requirements
  • [Procedures for Accepting/ Planning/ Performing and Reporting an Audit] along-with audit procedures for Branch Audit/ LFAR/ Tax Audit and Special Purpose Certifications

The contents of the book are as follows:

  • Introduction to Audit of Financial Statements
  • Pre-Acceptance Procedures
  • Post-Acceptance Procedures
  • Planning Considerations
  • CBS Environment: Useful System Generated Reports
  • Offsite Planning
  • Onsite Planning
  • Performing Preliminary (Routine) Audit Procedures
  • Audit of New Advances
  • Audit of Credit Monitoring
  • Audit of Special Mention Accounts (SMA)
  • Audit of Income Recognition and Asset Classification
  • Audit of Provisioning
  • Audit of Resolution of Stressed Assets
  • Performing General Ledgers (GL) and Profit & Loss (PL) Audit Procedures
  • Long Form Audit Reporting (LFAR) Procedures
  • Audit of Capital Adequacy
  • Special-Purpose Certification Procedures
  • Issuing Independent Branch Auditors’ Report

About the Author

Ishwar Chandra

Born on 10th February 1969, commerce graduate from St. John’s College Agra, Ishwar Chandra is a Fellow Member of the Institute of Chartered Accountants of India (ICAI). He has been a Chartered Accountant practising since 1993 and is Partner in M/s. IC & Associates, Agra. He holds DISA from ICAI and CISA from Information Systems Audit & Control Association (ISACA) USA. He holds Certificates in IFRS, Forensic Accounting and Fraud Detection (FAFD) and Concurrent Audit of Banks.

Mainly practising auditing, his significant work experience includes Concurrent Audit, IS Audit, Stock Audit, Income & Expenditure Audit and External Audit of various Commercial, Regional Rural and Co-operative Banks and Internal & External Audit and other assignments of PSUs.

His approach and procedures articles on auditing of banks have been published in ‘The Chartered Accountant’ Journal of ICAI. He is the author of Five C’s of IT Policy published in ‘Internal Auditor’, of the Institute of Internal Auditors, (USA). He has been one of the Subject Matter Expert (SME) Reviewers of ISACA’s CISA Review Manuals (26th and 27th Editions) and contributes to IS auditing to ISACA. He has participated in the International Federation of Accountants (IFAC) consultation paper ‘Improving Auditor Reporting’.

In his 29 years of professional career, he has delivered several lectures on auditing of banks at ICAI seminars organized by CIRC, SIRC and NIRC branches/study circle. He has been associated with various Boards/Committees of ICAI. He has been a member of a Financial Reporting Review Group constituted by the Financial Reporting Review Board (FRRB) of ICAI and has acted as a lead reviewer. He is associated with FRRB as Technical Reviewer (TR) and with the Peer Review Board of ICAI as Peer Reviewer. He is associated with the Committee on Capital Markets and Investors’ Protection (CCMIP) of ICAI as a Resource Person. His academic associations also include the Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India. He is a founder trustee of Shri Rajendra Prasad Munni Devi Agrawal Memorial Trust, a registered public charitable trust.

Articles by the same author Published in “The Chartered Accountant” Journal of ICAI

  • ‘What Every Statutory Branch Auditor of a Bank Should Do’, Vol. 64 No. 9, March 2016
  • ‘Essentials of Report Writing’, Vol. 61 No. 2, June 2013
  • ‘Statutory Bank Branch Audit: Strengthening Audit Plan’, Vol. 61 No. 9, March 2012
  • ‘Conducting Statutory Branch Audit in CBS Environment: An Approach’, Vol. 61 No. 9, March 2012
  • ‘Improving Risk Management and Compliance’, Vol. 56 No. 11, May 2008
  • ‘Planning the Statutory Branch Audit: An Approach’, Vol. 56 No. 9, March 2008
  • ‘Auditing in Core-Banking Environment: Some Special Considerations’, Vol. 55 No. 9, March 2007
  • ‘KYC & Anti Money Laundering Measures’, Vol. 55 No. 3, September 2006

 

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