PDC ICAI has issued format of communication with banker alongwith checklist.

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PDC ICAI has issued format of communication with banker alongwith checklist.

My dear Professional Colleagues,
I hope this communique will find you safe and healthy. I am sure that by now most of us must have received appointment letters for statutory bank branch audits indicating branches to be audited barring few cases wherein the allotment of branches is in progress. As all of us face toughunprecedented challenges arising out of COVID-19 pandemic, we as professionals need to brace up ourselves to undertake the bank branch audits, within the restrictions imposed by the government authorities. The various state government have extended the lockdown period for various intervals and the same is likely to affect the physical moment of the professionals for conducting the bank branch statutory audits, thus, the need of the hour is to initiate the process of bank branch audit remotely by
seeking certain information through net and also asking the bank to keep balance requisite data / documents ready to ensure that the audit process is effectively initiated and concluded as and when the physical access to the branches is permitted as per government regulatory guidelines in coming days.

I am appending herewith an Annexure containing an illustrative communication which may be initiated from your end to the respective branches (banks) with or without any additions / deletions / amendments thereto, which will ensure that the branches which provide you the requisite data can be used by yourselves to initiate the process of audit remotely and
in other cases, the communique will enable the respective branches to keep the records ready for the audit, thereby reducing the time and manpower required for conducting the audit. www.thetaxtalk.com

I would further like to inform that the Professional Development Committee (PDC) of ICAI will be conducting couple of seminars to discuss and resolve the various challenges which the statutory branch auditors are likely to face and the practical resolutions thereto. Further, similar to earlier years, an expert panel has been formulated by AASB of ICAI to address the queries related to statutory bank audit raised by the members, which will be
announced shortly. www.thetaxtalk.com

I will once again like to assure you all that the forum of ICAI would be always available to each of its members to address any practical / professional queries arising while performing the function of statutory bank branch auditors. www.thetaxtalk.com

Best wishes, stay safe and healthy!
Chairman, PDC
Mumbai, April 12, 2020

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