Bank Branch Audits (Statutory & Concurrent) – Ensuring Regulatory Compliance & Financial Accuracy
Bank Branch Audits are critical for ensuring that banking operations comply with regulatory requirements, internal policies, and financial reporting standards. Statutory Audits focus on verifying the correctness of financial statements, asset classification, provisioning, and adherence to RBI guidelines. Concurrent Audits, on the other hand, are real-time audits aimed at monitoring transactions to prevent frauds and ensure procedural compliance.
We specialize in conducting Statutory & Concurrent Audits of Bank Branches for both public and private sector banks. Being an RBI Empaneled Audit Firm, we follow a structured audit methodology aligned with RBI’s Risk-Based Supervision (RBS) framework, ensuring thorough examination of banking operations, compliance, and internal control systems.
Our audit scope includes verification of advances (loan documentation, sanctioning, asset classification), deposits, income leakages, NPA identification, provisioning adequacy, KYC/AML compliance, regulatory reporting accuracy, and concurrent monitoring of high-value transactions. We also provide real-time feedback on internal process improvements and risk mitigation strategies.
Beyond the audit reporting, we assist banks in addressing RBI inspection findings, rectifying audit irregularities, and implementing robust internal control frameworks. Our proactive audit approach helps in minimizing operational risks, enhancing regulatory compliance, and maintaining financial discipline at the branch level.
Frequently Asked Questions (FAQs)
RBI mandates concurrent audits for high-risk branches based on business volume, operational risk, and regulatory requirements. Banks may also voluntarily appoint concurrent auditors for internal risk control.
Verification of advances, NPAs, provisioning, deposits, income recognition, compliance with RBI Circulars, KYC/AML adherence, and accurate regulatory reporting.
Yes, we assist in preparing rectification reports, implementing corrective actions, and ensuring compliance with audit observations to avoid penalties and reputational risks.
Regular audits help identify control weaknesses, prevent income leakages, detect procedural lapses, and recommend process improvements that enhance the operational efficiency and compliance culture within branches.
RBI Empaneled Services
CA. Dhiraj Jain
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