Critical Evaluation of Long Form Audit Report as a tool for Managerial Control System with reference to Indian Banking System

Abstract

It hardly needs emphasis that banking is a very important sector of the newlinemodern economic world. Banks as is usually known, deal in money and credit, they newlinealso create credit. In fact, money and credit make pivot around which all our newlineeconomic activities revolve. The whole economic structure will perhaps crumble newlinedown in the absence of banking services. newlineFor smooth and transparent banking operations, bank audit is a tool that newlinebrings forward the shortcomings of banking system and areas of possible newlineimprovement can be identified through it as well. For this purpose, the Reserve newlineBank of India prepared a questionnaire termed as Long Form Audit Report newline(LFAR) which has to be fulfilled for bank branches by a statutory auditor at thetime newlineending of a financial year. newline