A Bank audit is a procedure performed by an auditor appointed by RBI and ICAI to verify the financial statements of the banking institutions and to verify whether the banking concerns are following the law and compliances or regulatory framework applicable to them or not. Bank AuditBanking sector is a dynamically changing sector. Thus, it requires proper and effective audit measures to understand the exact financial condition of the banks for which the following procedure is adopted: RBI and the Indian Institute of Chartered Accountants of India (ICAI) together scrutinize and appoint an auditor or audit firm for the audit of the bank after obtaining an indebtedness declaration from a respective firm or an auditor. The audit firm or an auditor cannot assign with any other statutory audit in the year they are appointed as a bank auditor. Before initializing the audit, the firm needs to establish the undertaking of engagement terms describing the time period of the audit term. However, as per ICAI Act, 1949 before getting engaged the auditor need to communicate with the previous auditor of the bank in writing for taking his consent.
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