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

MEET US

What Clients Say

Customer delight is our main goal and we are very serious about it.



Prakash Verma

“Finacbooks.com is a perfect example of a great customer service dealing with the best of accountancy services.“




Praveen Chauhan

“They offered us good quality services in a least possible time at a best Price.“




Pradeep Kochhar

“Finacbooks.com is a trusted network of highly qualified accounting professionals who not only provided us quality accountancy services but also supported us by answering our each & every query on time without any delay. “


Informational, useful and resourceful

Blogs

Catch up our trending topics, news etc. in a simple, detailed and most professional way.

Section 80EEA: Deduction for Interest Paid on Home Loan for Affordable Housing
19 Nov, 2019

Section 80EEA Overview Section 80EE is an existing provision which allows deduction up to Rs. 50000 on interest, paid by first time home... Read More

Section 80 EEB: Tax Exemption on Purchase of Electric Vehicles
19 Nov, 2019

Section 80EEB Overview In union budget 2019, government announced incentive on purchase of electric vehicles. It has also been said by the... Read More

Certificate Attestation: What does it means & why it is required?
18 Oct, 2019

Certificate Attestation Certificate Attestation Services are offered by various companies in India but it is difficult to choose a... Read More

CONTACT US

We Are Everywhere

We are having a wide network operating all across India as well as Internationally.

Contact Us


30+ Offices in
India

10+ Years Experience

Save Your
Time

Quick Turn around Time

Qualified Professionals

Excellent Customer Service