Submission of Long Form Audit Report (LFAR) by Concurrent Auditors

RBI/2014–15/626 DBS.CO.ARS.BC.8/08.91.001/2014–15

June 2, 2015

In terms of enclo­sure 1 of RBI cir­cu­lar DBS.CO.PP.BC.11/11.01.005/2001–2002 dat­ed April 17, 2002 all the banks were advised, inter alia, as under:

LFAR in respect of branch should be addressed by the branch audi­tors to the Chair­man of the bank, con­cerned with a copy there­of to the Cen­tral Statu­to­ry Auditors.

2. The above mat­ter has been exam­ined in light of Para B (1) (ii) of Guide­lines for Appoint­ment of Statu­to­ry Audi­tors in Pub­lic Sec­tor Banks host­ed on RBI web site (at link which is repro­duced below:

In respect of branch­es below the cut-off point, which are sub­ject to con­cur­rent audit by char­tered accoun­tants, hence­forth, LFARs and oth­er cer­ti­fi­ca­tions done ear­li­er by SBAs will now be sub­mit­ted by the con­cur­rent audi­tors and such branch­es may not gen­er­al­ly be sub­ject to statu­to­ry audit.

3. You are advised that hence­forth Con­cur­rent Audi­tors, who are char­tered accoun­tants, of branch­es below the cut-off point will sub­mit LFAR only to the Chair­man of the bank. The banks in turn will consolidate/compile all such LFARs sub­mit­ted by the Con­cur­rent Audi­tors and sub­mit to Statu­to­ry Cen­tral Audi­tor as an inter­nal doc­u­ment of the bank.

4. Please acknowl­edge receipt.

Yours faith­ful­ly,

(Prab­hakar Jha)
Gen­er­al Manager

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