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Updated on 26 Jul 2021  9.00 AM IST | 4 min read

What is Statutory Audit of Banks?

Bank statutory audit is a mandatory audit prescribed by RBI, income tax & company’s act and conducted by the external auditors ensuring that all the financial transactions of a bank are correct & without any scam. Statutory auditors are appointed by reserve bank of India (RBI) in association with institute of chartered accountants of India (ICAI). Statutory audit is conducted at every branch of the bank at the end of every financial year. A particular time frame has been allotted to statutory auditors in which they have to complete the audit of that particular branch.

The statutory auditor report should include quantification of interest income, deposits, advances & interest expenses. Statutory audit is very important for a bank and the most important element which we have to check while doing statutory audit of bank is –

  1. 1

    Cash verification procedure – An auditor should verify the cash balances at bank branch at the end of every financial year i.e. 31st march.

  2. 2Tax related items – An auditor should check all the tax related items & compliances. For ex – TDS, 15G, 15H etc.

  3. 3Verification of Loan accounts – An auditor should check all the loan accounts very cautiously.

    Three steps are involved in verification of loan accounts and they are as follows –

    • Preliminary check
    • Disbursement
    • Post disbursement inspection
  4. Finacbooks help banks by providing them specialized chartered accountants who will work as statutory auditors in different bank branches till the audit completes. The Reports issued by our experienced auditors complies with the requirements of SA 700 (Forming an opinion and reporting on financial statements), SA705 (Modifications to the opinion in the independent auditor’s report) & SA 706 (Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report).


What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees


Bank Statutory Audit Services

Bank statutory audit


Benefits of Bank Statutory Audit Services

  • More than 10 years of experience
  • Qualified professionals
  • Excellent customer service
  • Cost efficient
  • Customer delight
  • Time saving
  • Quick turnaround time
  • Continuous support over e-mail and phone (24X7).

How Finacbooks Can Help?

Finacbooks is one of the leading Indian firms with more than 10 years of experience in helping banks with statutory audit service. To avail the best deals on statutory audit service, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

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Due Dates

  • Due date for deposit of Tax deducted/collected for the month of June, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    Jul 07th ,2021
  • Due date for deposit of TDS for the period April 2021 to June 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.

    Jul 07th ,2021
  • GSTR-7 Summary of Tax Deducted at Source (TDS) and deposited under GST laws

    Jul 10th ,2021
  • GSTR-8 Summary of Tax Collected at Source (TCS) by e-commerce operators under GST laws

    Jul 10th ,2021
  • GSTR 1 for June 2021 (turnover more than INR. 1.50 Crore)

    Jul 11th ,2021
  • GSTR-6 Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributor (ISD)

    Jul 13th ,2021