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Bank audit

Sir, The rule is, An auditor should not be indebeted to the bank(to be audited by him). What if the transaction is arms length transaction i.e., the intrest rate is same for the auditor and others.


Sakthi Praveen

Sakthi Praveen

CA Inter

2K+

20-Jul-20 09:13

39

Answers (3)

the Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank. The members should not place themselves in position which would either compromise or jeopardize their independence.


sudha reddy

sudha reddy

Moderator

20-Jul-20 15:05

Even it is an arms length transaction he is not allowed to do so


B hemanth Kumar reddy

B hemanth Kumar reddy

CA Inter

3K+

18-Sep-20 05:15

Not allowed.


Suraj Lakhotia

Suraj Lakhotia

Admin

18-Sep-20 09:12

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