Page 284 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
found to be satisfactory.
- Other Matters: Any other matter which he considers should be brought to the notice of the shareholders of
the company.

Matters for Banking Companies-
- Section 143 of Companies Act: The auditor of a banking company is also required to state in the report in
respect of matters covered by Section 143 of the Companies Act, 2013.
- Auditor’s Report Order, 2020: Reporting requirements relating to the Companies (Auditor’s Report) Order,
2020 is not applicable to a banking company as defined in clause (c) of section 5 of the Banking Regulation
Act, 1949.
- Rule 11: Reporting requirements Rule 11 of the Companies (Audit and Auditors) Rules, 2014 the auditor’s
are also applicable to banking companies, see company audit chapter for detailed discussion on rule 11.

(CNO-BA.600) Long Form Audit Report
Scope: Auditors of public, private, and foreign banks, including their branches, are required to furnish a Long
Form Audit Report (LFAR) in addition to the statutory audit report.
Branch Auditors: LFAR for branch auditors is a questionnaire covering various matters like cash, balance with
banks, investments, advances, and deposits. These are submitted to the statutory central auditors.
Consolidation: The LFARs are consolidated at the head office level and submitted by the statutory central
auditors to the bank's management.
ACB Review: The LFAR should be reviewed by the Audit Committee of the Board (ACB), which will indicate
actions taken or proposed for any irregularities.
RBI Submission: A copy of the LFAR, along with the Board's views or directions, is to be submitted to the
Reserve Bank of India (RBI) within 60 days of its submission by the statutory auditors. Auditor has to submit
LFAR by 30 June every year to Bank.
th

(CNO-BA.620) Other Reporting Requirements – Fraud Reporting

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