Banks play a major role in establishing the financial stability of businesses, said CA Amarjit Chopra, Past President, ICAI while speaking as chief guest at the inaugural function of the three-day ‘Bank Branch Audit Summit’ organised by the Nagpur Branch of WIRC of ICAI recently. He also said that the banks have played a vital role in supporting businesses during the time of COVID-19 pandemic and they rightly can always be termed as “Financial Covid Warriors” CA Chopra added.

 

This year the audit of bank branches has given an additional responsibility on the Chartered Accountants wherein they are expected to check additional areas and are required to opine upon the correctness or otherwise of transactions reported in the banks. Advances need to be checked and securities need to be verified properly. For this year’s Bank Branch Audit, while appealing CA’s to exercise wisdom, CA Chopra remarked “Caution and responsibility are an integral part of Bank Branch Audit.” He guided the members and explained them about various areas in advances where they should look on and about the various methodology which can lead to an effective audit with special emphasis on fraud detection. He lauded the efforts of Nagpur Branch team led by CA Saket Bagdia and praised their initiatives for educating members about Bank Branch Audit.

 

 

The precautions to be taken while reading applicable circulars as well as provisions for restructuring of accounts was covered by CA Ajay Jain from New Delhi. CA Shrinivas Joshi, Central Council Member, Mumbai, in his address as speaker on second day, said that Long Form Audit Report and Internal Financial Control Reporting are the eyes of Auditors from which they see the financial statements of the banks. A lot of responsibility has been cast on auditors to report properly in LFAR. He mentioned that with the Indian banking scenario is changing a lot. CA Chandrashekhar Chitale, Central Council Member, the Vice Chairman of Banking and Finance Committee, New Delhi elaborated on Institute’s efforts to bring out a Guidance Note for the benefit of members to complete Bank Branch Audit in the best possible manner.

 

Covid Pandemic has stressed many industries and disturbed the banking system, said CA Chirag Bakshi from Vadodara while speaking as speaker on the third day of Virtual Bank Branch Audit seminar. “Irregularities can be pointed out in audit only when you have a thorough understanding of the provisions related to it” said CA Saket Bagdia in his introductory remarks. The technical sessions were coordinated by CA Suren Duragkar, Past Chairman, CA Sanjay M Agrawal, Secretary and CA Akshay Gulhane, Treasurer. Prominently present on the occasion were CA Jiten Saglani, Vice Chairman, CA Kirit Kalyani, Immediate Past Chairman, CA Anil Parakh, CA Satish Sarda, CA Sudhir Surana, CA B C Bhartia, CA Ramesh Shah, CA Sudhir Dabir and a large number of Chartered Accountant Members.