Audit & Assurance

Bank
Audit

Comprehensive Bank Audit services by expert Chartered Accountants - concurrent audit, statutory audit of banks, credit audit, and RBI compliance reporting.

Concurrent Audit
Statutory Bank Audit
Credit & CBS Audit
Overview

What is Bank Audit?

Bank Audit is a specialized audit of the operations and financial statements of banks and financial institutions. It encompasses concurrent audit, statutory audit, credit audit, and CBS audit, each designed to evaluate specific aspects of the bank's functioning and compliance.

Concurrent audit is an ongoing audit of day-to-day transactions conducted throughout the year. Statutory audit of banks is mandated under the Banking Regulation Act, 1949 and the Companies Act, 2013, focusing on the bank's annual financial statements. Credit audit evaluates the quality of loan portfolios and adherence to credit policies.

Our team of qualified CAs has extensive experience in bank audits, helping banks maintain regulatory compliance, strengthen internal controls, and ensure accurate financial reporting as per RBI guidelines.

Concurrent Audit

Continuous verification of daily transactions, sanction processes, and operational controls throughout the year

Statutory Bank Audit

Annual audit of bank financial statements as per Banking Regulation Act and RBI directions

Credit Audit

Evaluation of loan portfolio quality, NPA classification, and adherence to credit policies and KYC norms

CBS & IT Audit

Audit of core banking system, IT controls, cyber security, and digital banking operations

Why Choose

Benefits of Bank Audit

RBI Compliance

Ensure compliance with RBI guidelines, Banking Regulation Act, and KYC/AML norms through thorough audits.

Fraud Detection

Early detection of fraudulent transactions, loan irregularities, and operational lapses through continuous monitoring.

Asset Quality Review

Evaluate loan portfolio quality, NPA classification, and provisioning adequacy as per RBI norms.

Operational Efficiency

Review internal processes, identify bottlenecks, and suggest improvements for banking operations.

Expert CA Team

Our CAs have specialized expertise in banking audits, RBI guidelines, and the Banking Regulation Act.

Board & Audit Committee

Detailed audit reports for bank management, board, and audit committee for informed decision-making.

Requirements

Documents Required

Bank Records

  • Trial Balance & Financial Statements
  • Daily transaction statements & CBS reports
  • Loan sanction letters & credit files
  • Deposit registers & term deposit details
  • NPA classification & provisioning schedules
  • Treasury & investment portfolio details

Regulatory & Compliance

  • RBI Inspection Reports & Compliance Status
  • Board Meeting Minutes & Committee Notes
  • Internal Audit Reports & Concurrent Audit Reports
  • KYC/AML compliance documents
  • IT system logs & cybersecurity audit reports
  • Prior year audit report & management letters
How It Works

Bank Audit Process

1

Engagement Planning

Understand bank operations, risk areas, and scope of audit as per RBI/bank policy

2

Transaction Testing

Verify loans, deposits, treasury transactions, and regulatory compliance on sample basis

3

Portfolio Review

Assess loan book quality, NPA classification, provisioning, and credit policy adherence

4

Compliance Check

Review RBI guidelines compliance, KYC/AML norms, IT systems, and internal controls

5

Reporting

Issue audit report with findings, recommendations, and compliance status to bank management

FAQ

Frequently Asked Questions

Concurrent audit is performed throughout the year on real-time transactions to detect irregularities early. Statutory bank audit is an annual audit of the bank's financial statements mandated under the Banking Regulation Act and Companies Act to express an opinion on the true and fair view of the financials.
For public sector banks, the Comptroller and Auditor General (CAG) of India appoints the statutory auditors. For private sector banks, the shareholders appoint the auditor based on the recommendation of the Audit Committee and Board. Concurrent auditors are appointed by the bank's management.
Credit audit is a specialized review of a bank's credit portfolio to assess the quality of loan assets, adherence to sanction terms, documentation adequacy, security perfection, and early warning signals. It helps in identifying potential NPAs and ensuring compliance with RBI's IRAC norms.
IRAC (Income Recognition and Asset Classification) norms prescribe how banks must classify their loan assets as Standard, Sub-Standard, Doubtful, or Loss based on the period of default. They also govern NPA recognition and provisioning requirements. Auditors verify correct application of these norms.

Get Your Bank Audit Done Today

Ensure regulatory compliance and strengthen internal controls with our comprehensive bank audit services.