<h1>ICAI Issues Guidance Note to Simplify Bank Audits, Focuses on Risk, Controls, and Regulatory Compliance.</h1> The Institute of Chartered Accountants of India (ICAI) released a guidance note on the audit of banks, addressing the complexities involved in banking audits. This document aims to assist auditors in understanding the unique challenges and regulatory environment of the banking sector. It provides detailed insights into risk assessment, internal controls, and compliance with banking regulations, ensuring auditors can effectively evaluate financial statements and operational practices of banks. The guidance is intended to enhance the quality and reliability of bank audits, contributing to the overall stability and integrity of the financial system.