The statutory audit of banks forms an integral and important part of the control mechanism of the banking sector. Statutory Audits of Banks are governed by Reserve Bank of India and are conducted in accordance with Banking Regulation Act, 1949, and the guidelines/ directions issued by the RBI under the said statutes, from time to time. Statutory Audit of Bank is compulsory and auditors are appointed by RBI, in co-ordinating with ICAI. Appointment of Statutory Auditors (Statutory Central Auditors and Statutory Branch Auditors) is being done on the basis of the guidelines issued by the Government of India (GOI)/ Reserve Bank of India (RBI) from time to time. C&AG will empanel the Audit Firms based on the specified parameters as on January 1st of the relevant year and send the panel to RBI. The Statutory Branch Audit, at branch level being route level audit, it plays a very crucial role and which impact the Final Audit of the Bank as well. There is extensive reporting requirement at Branch levels including Branch Long Form Audit Report (LFAR) as per RBI guidelines.

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