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Updated on 21 Oct 2020    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

  • GSTR 3B for August 2020 (15 States/UT’s - Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) Oct 1st, 2020
  • GSTR 3B for August 2020 (22 States/UT’s - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi) Oct 3rd, 2020
  • GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
  • Monthly GSTR 6 for September 2020 Oct 13th, 2020
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for September 2020 Oct 10th, 2020
  • CMP 08 for July to September 2020 Oct 18th, 2020
  • GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 5A (Non-Resident OIDAR Service Provider) Monthly Filing Due Date for September 2020 Oct 20th, 2020
  • GSTR 3B for September 2020 (Annual Turnover of more than Rs 5 Cr in Previous FY) Oct 20th, 2020
  • GSTR 9 and 9C (Annual Return) FY 2018-19 Oct 31st, 2020
  • GSTR 1 (Quarterly) for July to September (Summary of outward supplies where turnover is upto Rs 1.5 crore) Oct 31st, 2020
  • Annual GSTR 4 for FY 2019-20 Oct 31st, 2020