📘 Core concepts
- 1Banks audited under Banking Regulation Act + Companies Act; RBI guidelines.
- 2LFAR (Long Form Audit Report) submitted to bank management.
- 3NPA classification & provisioning — verify objectively (90-day overdue norm).
- 4Concurrent audit: branches with high turnover or specified categories.
- 5NBFC audit — RBI directions on income recognition, classification, provisioning, prudential norms.
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