Indian Banks are the most stable banks in the entire world. Strict guidelines and circulars from Central Bank i.e. RBI plays a vital role in this stability. CA’s are expected to find out whether there is any inconsistency/ violation of rules, proper accountability of public money and ensuring end use of funds while following Corporate Objectives and RBI Guidelines. Conscience of Auditors is very important in Bank Branch Auditors said Shri S. Ramanthan, Regional Head of Canara Bank while speaking as a Chief Guest in Bank Branch Audit Seminar held at ICAI Bhawan for CA Students by Nagpur Branch of WICASA of ICAI. The aim of this seminar was to equip CA articles with provisions and procedures to be followed while doing Bank Branch Audits. He guided students and explained about various areas where they should look on and about the various methodology which can lead to an effective Audit.
“Irregularities can be pointed out in Audit only when you have a thorough understanding of the provisions related to it and you are aware of the expectations from you” said CA. Sandeep Jotwani, Chairman of Nagpur Branch of ICAI, in his introductory remarks. He highlighted the importance of training and understanding of Bank Branch Audit before proceeding for Bank Audits. It was this basic objective that every year Nagpur Branch organizes this Bank Branch Audit Seminar for the benefit of students. Nagpur Branch is conducting various programs for the benefit of students on a regular basis. He appealed that students should take maximum benefits by participating in such events.
CA. Saket Bagdia, Chairman of Nagpur Branch of WICASA, in his welcome address mentioned that with Indian Banking Scenario changing a lot since demonetization, expectations from Chartered Accountants who are the Back Bone of Indian Economy has increased manifold. Articles are the eyes of Auditors from which they see the financial statements of Banks.
Speakers for the day, CA Govind Batra highlighted the provisions relating to verification of advances and discussed on coverage in audit report; CA Ashish Badge dealt with provisions related to IRAC Norms and important LFAR Issues to be borne in mind while finalizing the audit report and CA Ninaad Nandgaonkar speaking on audit in CBS Environment with specific emphasis on checking of demonetization period entries.
Prominently present on the occasion were CA Umang Agrawal, Vice Chairman, Nagpur Branch and CA Suren Duragkar, Secretary, Nagpur Branch. Prominently present on the occasion were Devashish Mahadule, Pulkit Jhawar, Nazia Haq, Pooja Zade, Sonali Raut and Gurbani Kaur Bhasin.