sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Latest Circulars »
 Directions under section 35A of the Banking Regulation Act, 1949 (AACS) - Sikar Urban Co-operative Bank Ltd; Sikar (Rajasthan)
 External Commercial Borrowings (ECB) Policy – Review of Minimum Average Maturity and Hedging Provisions
 RBI-Some Thoughts on Credit Risk and Bank Capital Regulation
 Partial Credit Enhancement to Bonds Issued by Non-Banking Financial Companies and Housing Finance Companies
 Alteration in the name of "Qatar National Bank SAQ" to "Qatar National Bank (Q.P.S.C.)" in the Second Schedule to the Reserve Bank of India Act, 1934
 RBI allows banks for fire audit of currency chests by approved agencies
 RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey: July-September 2018 (Round 43)
  RBI-Fire Audit of Currency Chests - Clarification
 RBI-Auction for Sale (Issue/Re-issue) of Government Stock (GS) Oct 29, 2018
 RBI-Auction of Government of India Dated Securities October 29, 2018
 Payments Bank and Small Finance Banks– access to Call/Notice/Term Money Market

RBI-Introduction of Information System(IS) Audit for Urban Cooperative Banks
June, 12th 2014

RBI/2013-14/638
UBD.BPD.Cir.No. 71/12.09.000/2013-14

June 11, 2014

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Introduction of Information System(IS) Audit for Urban Cooperative Banks

Please refer to our circular UBD No.POT.PCB.30/09.96.00/2001-02 dated February 12, 2002 advising UCBs to introduce EDP audit system on perpetual basis. It is observed that since then some of the UCBs have adopted technology and have been offering electronic banking, tele banking, electronic clearing/funds transfer, electronic money, smart cards etc to its customers. With a view to integrating the range of services offered by bank branches, providing better customer services, generating MIS reports and various reports for regulators and Government of India, Reserve Bank of India has vide Circular UBD CO BPD PCB Cir No 14/09.18.300/2013-14 dated September 11, 2013 prescribed a calibrated timeline for implementation of CBS for UCBs based on their deposit size.

In view of the above and having regard to risks emanating from adoption of technology, there is a need to introduce IS Audit in UCBs. It is, therefore, advised that

  1. UCBs may adopt an IS audit policy, if not already done, appropriate to its level of operations, complexity of business and level of computerization and review the same at regular intervals in tune with guidelines issued by RBI from time to time.

  2. UCBs may also adopt appropriate systems and practices for conducting IS audit on annual basis covering all the critically important branches (in terms of nature and volume of business).

  3. Such audits should be undertaken preferably prior to the statutory audit so that IS audit reports are available to the statutory auditors well in time for examination and for incorporating comments, if any, in the audit reports.

  4. IS audit reports should be placed before the board and compliance should be ensured within the time frame as outlined in the audit policy.

  5. The above instructions may be implemented during the current accounting year i.e April 1, 2014 to March 31, 2015.

Yours faithfully,

(Scenta Joy)
General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions