BANK AUDIT UPDATES
Bank Management is asking the Concurrent Auditor to sign/ carry out attest functions in respect of various Bank Audit documents Certifications including LFAR AND TAX audit report by payment of Lum Sum fees of a very small amount say Rs.5000/ only.
Whether the Concurrent Auditor should refuse to sign LFAR and Tax Audit Report?
FAQ (refer link below) brought in by Ethical Standard Board of ICAI clearly states that internal auditor cannot perform statutory audit function irrespective of amount.
LFAR and Tax Audit are statutory report prescribed by the statue and hence Internal Auditor cannot do that.
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