Banking · Banking Regulation Act
Examine the following statements about 'Accounts and Audit' under the Banking Regulation Act 1949: Statement I: Every banking company must prepare its Balance Sheet and Profit and Loss Account as of March 31 every year in the forms set out in the Third Schedule. Statement II: The accounts must be audited by a person duly qualified under any law to be an auditor of companies. Statement III: The auditor's report must state whether the transactions of the bank which have come to their notice have been within the powers of the bank. Statement IV: The audited accounts must be published in a newspaper within 6 months from the end of the period to which they relate. Which of the following is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct.
- 2Only Statements I and II are correct.
- 3Statements II and IV are correct.
- 4Statements I, II, and III are correct.✓
Correct answer
Statements I, II, and III are correct.
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