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Fundamentals of Auditing by S. K. Basu

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Chapter 10

Audit of Banks

10.1 INTRODUCTION

A well-organised and efficient banking system is a pre-requisite for economic growth. Banks play an important role in the functioning of organised money markets. They act as a conduit for mobilising funds and channelising them for productive purposes. The Indian banking system, like the banking system in other countries, has played a significant role in the economic growth of the country. In order to meet the banking needs of various sections of the society, a large network of bank branches has been established. The volume of operations and the geographical spread of banks in India are steadily on the rise.

10.2 LEGISLATION RELEVANT TO AUDIT OF BANKS

Different legislative Acts are relevant to audit ...

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