Long Form Audit Report: Ca Nilesh Joshi
Long Form Audit Report: Ca Nilesh Joshi
CA NILESH JOSHI
PARTNER
CHOKSHI & CHOKSHI LLP
Introduction 2
• It was devised by RBI in 1985 and has been revised in 1992-93 and 2003
• LFAR
• Certificates
• MoCs
Objectives of LFAR 4
• Cash
• Balances with Reserve Bank Of India, State Bank of India and Other Banks
• Investments
• Advances
• Other Assets
Structure 6
II. Liabilities
• Deposits
• Other Liabilities
• Contingent Liabilities
Structure 7
III. Profit and Loss Account
• IRAC Norm
• Interest on Deposit
• Audits / Inspections
• Frauds
• Miscellaneous
Frauds 9
Requirements Reporting
Requirements Reporting
Requirements Reporting
Requirements Reporting
Requirements Reporting
Requirements Reporting
• List of Large • Credit Appraisal
and Other advances
• Sanctioning
• List of
renewal proposal & Disbursement
pending • Documentation
• Sanctioning powers • Review &
Monitoring
Non Fund Based Advances 16
Requirements Reporting
Requirements Reporting
Requirements Reporting
Requirements Reporting
Requirements Reporting
Requirements Reporting
• Previous audit reports • Whether all the
like concurrent, major observations of
inspection and RBI the reports reviewed
reports have been considered
(after taking into
account compliance
by the Bank)
Miscellaneous – Fixed Assets 24
Requirements Reporting
The Statutory auditors are expected to comment upon issues related to:
• Advances
• Internal Control
• Profitability
• Others
LFAR - Forex Branches 28