The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has issued Guidance Note on Audit of Banks 2014 edition. For the benefit of members, complete text of the Guidance Note along with the accompanying appendices etc. can be downloaded at:

• Guidance Note on Audit of Banks (2014 Edition) – Link – http://220.227.161.86/aasb-gnauditbank.pdf
• Contents of accompanying CD – Link – http://220.227.161.86/32646aasb-gnauditbank-cd.pdf

Please note that the soft copy of the accompanying CD as uploaded on the website contains only list and link of Master and other relevant Circulars of RBI. However, the CD that will come with the book will contain complete text of Master Circulars as well as General Circulars.

It gives me immense pleasure to inform you that the Auditing & AssuranceStandards Board of ICAI has released the 2014 Guidance Note on Audit of Banks.

The 2014 edition of the Guidance Note has been written to not only reflect the important regulatory changes that have been brought about by the Reserve Bankof India since 2013 through its Master and other general circulars issued till 23^rd February 2014 as usual but also implementation of Core Banking Solutions at almost all levels in the banks. 

The guidance to the auditors has also been suitably revised to, among other things:

• Reflect the impact of CBS on financial reporting system
• Build up risk based audit approach to be adopted pursuant to the current suite of auditingstandards
• Provide guidance on frequently raised queries of members

We have also removed repetitive guidance and shift certain conceptual and basic level aspects to the accompanying CD to reduce the volume of the publication and make the Guidance Note more user-friendly.

The CD accompanying the books also contains important data such as text of RBI’s MasterCirculars as well as other important circulars issued till 23^rd February 2014, appendices, illustrative checklists, etc.

The complete text of the Guidance Note can be downloaded from the URL: 

http://www.icai.org/post.html?post_id=10441

The printed copies of the 2014 Guidance Note on Audit of Banks would soon reach your respective Regional Council or Branch.

Warm regards

(CA. ABHIJIT BANDYOPADHYAY)
Chairman, Auditing & Assurance Standards Board

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