CA Inter P5 · Chapter 10 · Question 5 of 11
The Long Form Audit Report (LFAR) in a bank audit is:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) A report prescribed by the RBI covering matters such as advances, internal controls and compliance, submitted by the auditor in addition to the main audit report
Explanation
The LFAR format is prescribed by the RBI and requires auditors to report on specified aspects of the bank's functioning, including advances, cash, investments, compliance with prudential norms and internal controls. It is submitted in addition to the statutory audit report and is not part of the published report.
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