Bank Audit Report New Format–Illustrative

The New Auditor’s Report Format for Bank Audits as Given is SA700 Forming an Opinion and Reporting on Financial Statements has been given for preview and Download. You can Download the File at the End of the article.

An Illustrative Format of Report of the Auditor of a Nationalised Bank

To

The Statutory Central Auditors

________ Bank

Report On The Financial Statements

1. We have audited the accompanying financial statements of XY Bank as at 31st March, 2XXX, which comprise the Balance Sheet as at March 31, 2XXX, and Statement of Profit and Loss and the cash flow statement for the year then ended,
and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements
are the returns of ___________ branches audited by us and ______________ branches audited by branch auditors. The
branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines
issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Statement of Profit and Loss
are the returns from _______________ branches which have not been subjected to audit. These unaudited branches account for ___________________per cent of advances, _____________ per cent of deposits, _______________ per cent of interest
income and _______________ per cent of interest expenses.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with XYZ Law of India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.

Opinion

6. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given
to us:

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars,
is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2XXX in conformity with
accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of profit/loss, in conformity with
accounting principles generally accepted in India, for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms “A” and “B” respectively of the Third
Schedule to the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we
report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary
for the purposes of our audit and have found them to be satisfactory.

(b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our
audit.

9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable
accounting standards.

For ABC and Co.

Chartered Accountants

Signature
(Name of the Member Signing the Audit Report)
(Designation)
Membership Number
Firm registration number
Place of Signature:
Date of Report:

Download the New Auditor’s Report Format for Bank Audits

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'Bank Audit Report New Format–Illustrative' has 1 comment

  1. July 24, 2013 @ 12:59 pm MAKWASI ALEXCLIVE

    it is a good format to be auditors. it is clear and understandable. Few missing items need to be added to make it fully accurate.

    Reply


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