Bank Audit Services | M S Joshi & Co. — Chartered Accountants, Surat

Our Expertise

Comprehensive Bank Audit Services

Bank audits are among the most specialised and regulated areas of chartered accountancy. At M S Joshi & Co., we bring over 30 years of experience auditing public sector banks, private banks, and cooperative financial institutions across Surat and Gujarat.

Our team is well-versed with RBI guidelines, NABARD norms, and the constantly evolving regulatory framework. We ensure that every audit is conducted with precision, independence, and strict adherence to the Standards on Auditing issued by the ICAI.

Types of Bank Audits We Conduct

Statutory Branch Audit — Annual examination of bank branch accounts as per RBI mandate and Companies Act requirements
Concurrent Audit — Continuous on-site review of daily transactions to detect early irregularities and compliance gaps
Revenue Audit — Verification of income leakage, interest income, fee income, and NPA classification accuracy
Stock Audit — Assessment of borrower inventories pledged as security to the bank
Credit Audit — Post-disbursement review of loan accounts for adherence to sanction terms and end-use verification
Information Systems (IS) Audit — Review of IT controls, CBS systems, and cyber security compliance

Our Audit Methodology

We follow a risk-based audit approach aligned with ICAI standards. Our process involves thorough planning, analytical procedures, compliance testing, substantive testing, and a detailed management letter identifying key observations and recommendations.

We prioritise NPA identification, IRAC norms compliance, and classification of advances as per RBI prudential norms — areas where audit quality has the greatest impact on a bank's financial health and regulatory standing.

30+ Years Experience

Auditing nationalised banks, co-operative banks and private sector branches since 1994.

RBI Compliant

Deep knowledge of RBI master circulars, IRAC norms and Ind AS for banks.

Dedicated Team

Qualified CAs and semi-qualified staff with specialised bank audit training.

Timely Delivery

We understand tight bank audit deadlines and consistently deliver on time.

Common Questions

Frequently Asked Questions

A statutory bank audit is a mandatory annual audit of a bank's financial statements under the Banking Regulation Act. The auditors are appointed by the bank's Board with RBI approval for large banks, or directly by the RBI in some cases. For nationalised banks, appointment is made through the RBI's panel of auditors.

A statutory audit is an annual exercise reviewing the full year's financials. A concurrent audit is a continuous process — typically monthly — where the auditor reviews transactions as they happen. Concurrent audit helps identify errors and frauds early before they accumulate.

We review all loan accounts against RBI's IRAC (Income Recognition and Asset Classification) norms. We verify the 90-day overdue rule, check for evergreening of loans, validate collateral valuations, and ensure proper provisioning as per RBI guidelines. Our team flags any misclassified NPAs in the audit report.

Yes. We audit urban cooperative banks (UCBs), district central cooperative banks (DCCBs), and selected NBFCs in Gujarat. The regulatory framework differs from commercial banks, and our team is familiar with RCS Gujarat and NABARD reporting requirements.

A branch audit typically takes 3 to 7 working days depending on the size of the branch, volume of advances, and complexity of transactions. We plan our team deployment in advance to ensure timely completion and report submission within the deadline prescribed by the head office.