Monday, September 7, 2020

Bank Audit: RBI revised the Long Form Audit Report (LFAR); applicable from F.Y. 2020-21

The Reserve Bank of India (RBI) has revised the Long Form Audit Report (LFAR) vide notification dated 5 September, 2020 which shall be applicable for Bank Audits from F.Y. 2020-21 onwards. The changes in new LFAR, 2020 have been made in respect of requirements for Statutory Central Auditor, Branch Auditor, Specialized Branches and Large/ Critical/ Irregular accounts for branch auditors.

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