ICAI Releases Exposure Draft of Guidance Note on Audit of Banks (2025 Edition)

The ICAI has released an exposure draft of the "Guidance Note on Audit of Banks" (2025 edition), which aims to provide essential guidelines for auditors performing audits in the banking sector. This document covers aspects such as risk assessment, audit procedures, regulatory requirements, and industry-specific challenges. It provides detailed instructions for handling various issues in banking audits, including the audit of loans, advances, and deposits. The revised draft includes updated norms and practices to enhance audit quality and align with evolving regulations in the banking sector. Comments and suggestions from stakeholders are invited for further refinement before finalization of the guidance note.