BANKING AFFAIRS

Detailed explanation-1: -Long form Audit Report (LFAR) is a questionnaire prepared by RBI which an auditor has to answer. The nature of transactions reflected in such accounts as at year end and its impact on the Books of Accounts, if any. Adequacy of Cash insurance w.r.t. average cash holding and cash policy to be taken.

Detailed explanation-2: -Long form Audit Report (LFAR) is Management Report submitted by Bank Auditors at Branch level.

Detailed explanation-3: -The Statutory Central Auditors are required to submit the LFAR to the banks latest by 30th June every year.

Detailed explanation-4: -A long-form report is an expanded form of audit report that is issued by an external auditor. The content of this report includes the following: The audit scope. The auditors’ opinion regarding the financial statements of the client.

Detailed explanation-5: -Annex II-Long Form Audit Report (LFAR) to the Management and the Statutory. Central Auditors of the bank by the branch auditors in case of bank branches. The following paragraphs list the matters which the branch auditors of the bank are required to comment upon in their Long Form Audit Reports (LFAR).