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Important Update for Bank Branch Auditors - Must Check Appointment Letter and Terms of Engagement
Important Update for Bank Branch Statutory Auditors - Must Check Appointment Letter and Terms of Engagement and check regarding Reporting of Material Irregularities mentioned there.
Many Banks have added in Appointment Letter, Terms of Engagement shall require reporting of all material irregularities, including frauds, concurrently to the Chairman of the ACB as well as the Managing Director & Chief Executive Officer of the Bank. i.e. Bank of Maharashtra incroporated this into the Appointment Letter to Bank Branch Auditors.
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https://youtu.be/SOmPHLgcMLU
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