The Hindu Business Line : ICAI issues guidance note on bank audits

THE Council of the Institute of Chartered Accountants of India (ICAI) has approved the Draft of the Guidance Note on Audit of Banks, which is meant to alert auditors on the detection of money laundering activities.

The ICAI has pointed out that the note provides guidance to auditors on how to ensure that laundering does not take place. The Institute has said that the note attempts to equip statutory auditors with the latest developments in the banking industry. The note is a revised and updated version of the 2001 Guidance Note and the 2003 Supplement.

The Guidance Note delves into the impact of several new circulars on prudential and income recognition, investment norms, exposure of investments, investment portfolio and financial reporting by the banks.

It also covers the application of various Accounting Standards and the Report of the N. D. Gupta Committee on Compliance with Accounting Standards by Banks.

The note helps the members of ICAI gain an insight into the systems and processes in the functional areas of the banking industry.

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