Wirc Of Icai X Taxmann S Audit In Cbs Environment Comprehensive Guide To Auditing Core Banking Solutions Emphasising Real Time Data Integration Automation Robust Compliance
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WIRC of ICAI X Taxmann's Audit in CBS Environment – Comprehensive Guide to Auditing Core Banking Solutions—Emphasising Real-Time Data Integration | Automation | Robust Compliance
Author: WIRC of ICAI
language: en
Publisher: Taxmann Publicaions Private Limited
Release Date: 2025-03-26
Audit in CBS Environment discusses the intricacies of auditing within a technology-centric banking framework, where Core Banking Solutions (CBS) has revolutionised how financial institutions operate. This book provides a practical roadmap for professionals seeking to understand the fundamentals and advanced aspects of conducting audits in a CBS setting. It highlights the challenges introduced by real-time data integration, automated systems, and the heightened emphasis on security and compliance—critical factors in today's rapidly evolving financial environment. This book is intended for the following audience: • Chartered Accountants and Auditors – Ideal for practitioners who handle or oversee audits in banks and financial institutions, especially those using CBS platforms • Banking Professionals – Helpful for bank officers and managers who must ensure compliance, risk mitigation, and robust internal controls within CBS • Finance Students and Academics – Offers insight into the core processes and audit tools prevalent in the digitalised banking world • Regulatory and Compliance Officers – Serves as a guide to understanding and meeting regulatory norms within a CBS architecture The Present Publication is the 2025 Edition and has been developed under the aegis of the Western India Regional Council of the Institute of Chartered Accountants of India, featuring contributions from CA. Kuntal Shah. Published exclusively by Taxmann, it includes the following noteworthy features: • [Comprehensive CBS Insights] Explains the architecture of prominent CBS platforms such as Finacle, providing clarity on how they streamline banking operations • [Practical Checklists] Includes illustrative checklists for audit activities, ensuring practitioners can systematically review processes like NPA identification, interest collection, and foreign exchange transactions • [Regulatory Focus] Emphasises compliance with various guidelines, including IRACP norms, ensuring that auditors remain aligned with statutory requirements • [Risk Management] Addresses cybersecurity measures, data integrity concerns, and fraud-detection mechanisms within a CBS ecosystem • [Practical Application] Offers practical examples, exception reports, and best practices relevant to day-to-day banking audits The coverage of the book is as follows: • CBS Fundamentals o An overview of how CBS technology works, focusing on system architecture, data flows, and real-time processing • Menu Commands Reference o A detailed list of important commands/menus in CBS (with specific emphasis on Finacle), enabling auditors to navigate the system and extract vital information efficiently • Audit Checklists & Procedures o Step-by-step guides that outline key areas such as interest collection parameters, NPA classification, office account transactions, and foreign exchange transactions • Exception & Special Purpose Reports o Coverage on generating and interpreting system-generated reports that highlight potential anomalies or irregular activities • Guidance for LFAR o Illustrative approaches to fulfilling the Long Form Audit Report (LFAR) requirements, ensuring comprehensive review aligned with regulatory expectations The structure of the book is as follows: • Part A – Overview of Various CBS and Basic Concepts o Introduction to Finacle and other CBS platforms o Core concepts such as real-time data processing, modules, and integration • Part B – List of Important Menu Commands of CBS o Detailed walkthrough of key commands/audit trails o Practical tips for navigating system menus to retrieve relevant data • Part C – Illustrative Checklists on Audit Activity through CBS o Parameters Affecting NPAs – Automatic identification of non-performing assets o Interest/Revenue Collection – Ensuring correctness and completeness o Foreign Exchange Transactions – Auditing cross-border dealings within CBS o Office Account Transactions – Monitoring internal transactions and office accounts o Manual Updates – Identifying risks in user-driven adjustments o Reports for Verification – Lists of special-purpose and exception reports o LFAR Guidance – Tailored audit steps and review techniques o IRACP Conditions – Checklist to ensure regulatory compliance • The book concludes with an index and references, enabling quick navigation and focused reading on specific topics
Taxmann's Practical Workbook for Bank Branch Auditors
Author: Ishwar Chandra
language: en
Publisher: Taxmann Publications Private Limited
Release Date: 2023-03-02
This practical workbook, i.e. work programme cum audit notebook, is a one-stop reference for bank branch auditors providing a systematic audit approach and procedures. Overall, the aim of the workbook has been to provide an efficient and effective approach for accomplishing branch auditing, simultaneously documenting the audit work. This workbook contains a five-staged approach: • Acceptance of Audit • Planning the Audit • Conducting the Preliminary Audit • Conducting the Final Audit • Reporting the Audit In each stage, the audit approach and procedures have been suggested in accordance with the RBI Norms and ICAI Standards on auditing. This book is helpful for branch auditors in accomplishing their branch audit more purposefully & bringing more comfort to the Statutory Central Auditors, Boards and Management. The Present Publication is the 7th Edition & amended up to 24th February 2023. This book is authored by CA Ishwar Chandra, with the following noteworthy features: • [RBI's Extant Notifications/Circulars & Audit Procedures] each chapter has been divided into two paragraphs. In the first paragraph, RBI's extant notifications /circulars have been discussed to help acquaint them with relevant legal/regulatory guidelines. While in the next section, audit procedures have been suggested • [References of RBI Notifications & ICAI Standards on Auditing] have been given below the audit procedures • [Audit Hints for Technology Environment of Banks], i.e., Finacle, B@NCS and Flexcube have been given • [LFAR Procedures] contain 'what' and 'how' to evaluate and 'how' to report. For reporting help, audit comments have been illustrated • [CBS Environment] An entire chapter has been devoted to the useful system-generated reports for branch auditing in CBS environments, along with relevant commands/shortcuts and menus/navigations • [Examples for Independent Bank Branch Auditors' Report] for forming different forms of audit opinions and memorandum of changes (MOCs) have been suggested • [SBA Formats] To collect and evaluate the information in each stage, audit templates/SBA Formats have been suggested • The structure of the book o In the initial chapters, pre-acceptance, post-acceptance and planning procedures are given o Subsequent chapters devoted to the bank branch auditing, which are as follows: § Audit of New Advances, including Audit of Credit Monitoring § Audit of Special Mention Accounts (SMAs) § Audit of IRACP and Resolution of Stressed Assets § Audit of Financial Statements § LFAR Procedures § Audit Procedures of Capital Adequacy Norms § Audit Procedures for Special-purpose Certifications o The book includes two appendices, Appendix – A and Appendix – B § In Appendix – A (24 Nos.), audit templates (SBA Formats) have been provided to help 'seek' and 'obtain' information and to evaluate the information obtained. § In Appendix – B, various notifications (e.g. RBI Circulars and ICAI Standards) are appended for quick reference of branch auditors • The contents of the book are as follows: o Introduction to Audit of Financial Statements o Pre-Acceptance Procedures o Post-Acceptance Procedures o Planning Considerations o CBS Environment | Useful System-Generated Reports o Offsite Planning o Onsite Planning o Performing Preliminary (Routine) Audit Procedures o Audit of New Advances o Audit of Credit Monitoring o Audit of Special Mention Accounts (SMA) o Audit of Income Recognition and Asset Classification o Audit of Provisioning o Audit of Resolution of Stressed Assets o Performing General Ledgers (GL) and Profit & Loss (PL) Audit Procedures o Long Form Audit Reporting (LFAR) Procedures o Audit of Capital Adequacy o Special-Purpose Certification Procedures o Issuing Independent Branch Auditors' Report
IT Auditing
More than ever, technology is indispensable to business operations and recordkeeping, so people skilled in computer automation — IT auditors — have become an essential part of the financial audit team. This book is a comprehensive guide to the IT audit discipline, and to the impact of abstraction on businesses. Developments including Robotic Process Automation (RPA) and artificial intelligence (AI) mean that businesses are moving from a physical world to an abstracted digital world, increasing reliance on systems, their design, their implementation and on those that oversee and maintain these systems — often parties outside the businesses’ control. Though the implications of these shifts go far beyond IT auditing, this book focuses on what IT auditors need to know in this new environment, such as: • How to understand abstracted services and appropriate internal business controls • How to evaluate situations where physicality has been replaced by abstracted services • How to understand and adapt to the impact of abstracted services on objectives, operations, decision-making, and Risk Management, including changing risk profiles and introducing new risks. In the wake of the Certified Public Accountant (CPA) Evolution project, this book will be an essential resource for readers seeking CPA certification, as well as for business leaders and Risk Management professionals who need to understand the benefits and challenges of ever-increasing automation and its concurrent abstraction of physical reality.