Ujjain: 'CAs must fully comprehend their role in audit process'

Ujjain (Madhya Pradesh): The Institute of Chartered Accountants of India's Ujjain branch organised a seminar on bank audit on Sunday.

During the seminar, Indore’s CA Manoj Gupta said, ‘The CAs should understand their responsibility in the audit process and finalise the audit report only after full surety'.

Every year on 1st April, chartered accountants complete the annual audits of the banks on the basis of amendments and circulars that are issued by the RBI every year. To spread awareness about this activity a seminar on bank audits was organised for CM members at the Ujjain branch under the chairmanship of Ujjain Branch chairperson, CA Rashi Jain.

Indore’s CA Samkit Bhandari informed the attendees about the CBS, NPA Norms and Long Form Audit Report (LFAR). He also highlighted several important points for conducting bank audits and informed about the new-age frauds that take place in the banks on a daily basis, which hamper the auditing process for the Chartered Accountants. He also infomred about measures that could be taken to solve the issues.

The chief guests of the seminar were CA OP Totla and CA Ashok Kumar Mahajan. The guests were welcomed by CAs Vikrant Giri, Akrit Jain and Bhavesh Nerkar and the programme was conducted by CA Vaibhav Gehlot while CA Sanjay Agrawal proposed the vote of thanks.