Reserve Bank of India has released a revised Long Form Audit Report (LFAR) on September 05, 2020 vide Notification No. DOS.CO.PPG./SEC.01/11.01.005/2020-21. The new LFAR not only included new clauses, but it also requires auditors to provide details of “List of accounts examined for audit” along with “percentage examined” out of “Total Outstanding of the branch”, thereby making the erstwhile Long Form Audit Report not only a “Longer” Form of Audit Report but also a “Detailed” Form of Audit Report
I have highlighted few of Excel features and functions, which helps us identify proper sample for examining and also for validating the data provided for audit in my article published by Hyderabad Branch of SIRC of ICAI which can be accessed at https://www.hydicai.org/resources/newsletters_details/1081
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You may also access my article here:
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