Regulatory updates

Recently, ICAI issued the Guidance note on audit of banks (2024 edition) (the guidance note). The guidance note incorporates the latest developments and changes in the banking landscape. It comprises of two sections:

• Section A – Statutory Central Audit (SCA)
• Section B – Bank branch audit

To access the text of the guidance note, please click here

Recently, ICAI released a publication – Commonly found errors in reporting practices. The publication aims to dissect the prevalent errors frequently found in reporting practices. From financial misstatements to inconsistencies in data presentation, it seeks to identify and rectify such issues. The publication comprises of the following three parts:

• Part I – Financial information
• Part II – Non-financial information
• Part III – Industry-specific observations

To access the text of the publication, please click here

The Companies Act, 2013, has provided a strong legal mandate for the crucial role of internal auditors in the corporate governance structure. With a view to aid the members in discharging their duties effectively, in February 2024, ICAI issued the internal audit checklist (the checklist). The checklist is illustrative in nature and consists of four main parts:

• Part I: Introduction
• Part II: Internal audit of specific function
• Part III: Review and reporting, and
• Part IV: Other Aspects.

To access the text of the checklist, please click here

Recently, ICAI issued the Implementation guide on maintenance of Property, Plant and Equipment (PPE) register: Best practices (the implementation guide), thereby providing comprehensive details that can be included in a PPE register. The implementation guide also incorporates the related Schedule III and CARO requirements, as well as the illustrative contents of PPE register format.

To access the text of the implementation guide, please click here