Bank branch audit season is short, the format is long, and the most common failure is not a wrong answer. It is an answer given to a reworded question.
RBI's own words, not a paraphrase
The LFAR here follows the RBI format in circular RBI/2020-21/33 of 5 September 2020. The questions are RBI's own words, extracted and word-verified from the circular rather than retyped or summarised. Nothing in the module rewords a question.
That is deliberate. A branch auditor's answers are read against the question as the regulator wrote it, and a question that has been simplified by a software vendor is a different question.
Annex II, its Appendix, and Annex III
The format is carried in full:
- Annex II, the branch LFAR itself;
- its Appendix, the additional part for specialised branches, with the firm declaring which parts apply;
- Annex III, completed per large, irregular or critical account, each account getting its own sheet.
The answers belong to the branch auditor
A bank branch's figures live in the bank's core banking system, not in books Audcrix syncs. The module does not pretend otherwise. The answers are the branch auditor's own, recorded per question, each one carrying who answered it and who reviewed it.
Every question takes Yes, No, Not applicable or blank, with a comment, so an unanswered question stays visibly unanswered instead of defaulting to something that reads like a conclusion.
Settings that shape the format
The branch name and code, which Appendix parts apply, and the threshold that decides which accounts need an Annex III sheet are all set per engagement. A small branch is not asked to complete the specialised-branch part, and a large one is not allowed to skip it.
Assembled in RBI's order
The report is produced as a PDF in RBI's order: Annex II, then the Appendix, then Annex III. What the bank receives is the format it expects, in the sequence it expects, with the firm's answers in the regulator's words.
Questions CAs ask
Which LFAR format does Audcrix follow?
The RBI format in circular RBI/2020-21/33 dated 5 September 2020, covering Annex II, its Appendix for specialised branches, and Annex III per large, irregular or critical account.
Are the questions reworded?
No. They are RBI's own words, extracted and word-verified from the circular. Nothing in the module rewords a question, because an answer is read against the question as the regulator wrote it.
Where do the figures come from?
A bank branch's figures live in the bank's core banking system, not in books Audcrix syncs. The answers are the branch auditor's own, recorded per question with who answered and who reviewed.
How are large or irregular accounts handled?
Annex III is completed per account, each getting its own sheet, with a threshold set per engagement deciding which accounts require one.
What does the final report look like?
A PDF assembled in RBI's order, Annex II then the Appendix then Annex III, so the bank receives the format in the sequence it expects.
Further reading
Related modules
- Statutory Audit — Statutory audit software built around the Standards on Auditing — materiality, SA 530 sampling, SA 510 opening balances and confirmations, documented as the work is done.
- Bank Reconciliation — Reconcile any bank statement in any format against the books — matched items, open items on both sides, and a reconciliation to the paisa at any date.
- Trial Balance — Read the trial balance with every ledger under its real group chain — opening, movement and closing, signed balances, and comparatives on one grouping.