‘Statutory bank branch audit is opportunity, challenge in itself’
   Date :30-Apr-2021

Statutory bank_1 &nb
 
 
Business Bureau :
 
A webinar titled ‘Statutory bank branch audit’ was organised for CA students by Nagpur Branch of WICASA of ICAI, in association with Akola and Amravati branches of WICASA of ICAI to update the students about the various provisions, intricacies and challenges faced while performing bank branch audit. CA Swapnil Agrawal, Past Chairman of Nagpur Branch and the chief guest of the webinar emphasised on the importance of technology in the day-to-day working and the practicalities one may face during bank audits in the pandemic situation. He said, CA students going on bank audits this year have to understand the responsibility assigned with performing bank audits this year. It is an opportunity as well as challenge in itself to audit a bank branch within a short span of time which does thousands of transactions throughout the year.
 
“One can master this bank audit by doing meticulous planning of the audit and with an efficient knowledgeable taskforce,” he said. CA Jiten Saglani, Chairman of Nagpur Branch of WICASA, welcomed the chief guest and speakers of the session and emphasised on how important, in our field of CAs is, to stay updated. He guided the students to stay updated with the latest information, norms and circulars issued by the authorities. CA Saket Bagdia, Chairman of Nagpur Branch of ICAI, in his opening address to the students stated that one should take the benefit of the session in their bank audit work. He remarked that CA articles doing bank branch audit are the eyes of chartered accountants. He assured the students that the faculties of the webinar are highly experienced in the field and the insights of the webinar will be useful in their audit experience.
 
CA Amarjeet Singh Sandhu covered the area of “Audit of Advances” wherein he discussed the various types of advances, audit process for verification of advances and the extent to which verification to be done for determining the efficacy of internal control procedures. CA Prashant Tidke from Pune explained the topic ‘IRAC norms for NPA provisioning.’
 
He discussed the criteria for classifying assets of banks into performing and NPAs. CA Ashish Badge covered ‘Key aspects of LFAR’ wherein he discussed LFAR structure, reporting requirements for LFAR and a detailed explanation of changed format of LFAR of Annexure II for branch auditors. CA Ninad Nandgaonkar explained the topic ‘Audit under CBS environment.’ CA Deepak Agrawal, Chairman of Akola Branch of WICASA and CA Pawan Jajoo, Chairman of Amravati Branch of WICASA spoke about the significance of the session . The webinar was conducted by Team WICASA Nagpur comprising Akanksha Shinde, Ameya Soman, Aviral Barange, Karan Agrawal, Karan Tajne, Radhika Taneja and Ravina Tayade.