Mr. Saurabh, a Chartered Accountant, has been appointed as the Statutory Auditor of GM Bank, a nationalized bank, for the financial year 2024-25.…

Mr. Saurabh, a Chartered Accountant, has been appointed as the Statutory Auditor of GM Bank, a nationalized bank, for the financial year 2024-25. Before commencing the audit, Mr. Saurabh conducted an orientation session for his audit team, to familiarize them with the Long Form Audit Report (LFAR) - its applicability, contents, and submission requirements. Which of the following statements are correct in respect of the Long Form Audit Report (LFAR)? Besides the audit report, as per the statutory requirements, the terms of appointment of auditors of public sector banks, private banks and foreign banks including their branches, require the auditors to also furnish a long form audit report.The matters which the banks require their auditors to deal with in the long form audit report have been specified by RBI.The Statutory Central Auditors are required to submit the LFAR to the banks at the latest by 31 st July every year.The format of LFAR mandatorily requires an executive summary to be given, where members must provide the same to bring out the key observations from the whole document.