Bank Audits

Overview

Bank audits cover the range of assurance work nationalised and scheduled banks are required to commission at the branch and portfolio level — statutory branch audit, concurrent audit, revenue audit, and stock and receivables audit for borrowal accounts — each governed by RBI guidelines and the appointing bank’s terms of reference.

Who needs it

Relevant to bank branches empanelled for statutory or concurrent audit under RBI’s annual empanelment process, and to borrowers whose working-capital limits require periodic stock and receivables audit as a condition of sanction.

Our approach

Fieldwork follows the specific terms of reference issued by the bank or RBI for that audit type — advances review, NPA classification and provisioning under IRAC norms, revenue leakage checks, and verification of stock statements against physical and book records for stock audits.

Deliverables

• Long form audit report (LFAR) and statutory audit report, for branch audits
• Concurrent audit reports on the agreed periodicity
• Stock and receivables audit reports for lending banks

Timeline

Statutory branch audits run to the bank’s year-end (31 March) reporting timeline; concurrent audits follow a recurring monthly or quarterly cycle set by the bank.

Frequently asked questions