Clarification on simultaneously undertaking Concurrent Audit & Quarterly Review

Due to the queries being received from the members, it has been clarified by The Institute of Chartered Accountants of India (ICAI) that concurrent audit and the assignment of quarterly review of the same Bank cannot be undertaken simultaneously as the concurrent audit being a kind of internal audit and the quarterly review being a kind of statutory audit undertaken simultaneously are prohibited under the provisions of ‘Guidance Note on Independence of Auditors’.