Section 30: Audit

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 30 — Audit. Requires statutory audit and governs auditor eligibility/approval, access, powers, duties and banking-specific reporting matters; audit of branches and matters RBI. May direct are part of the compliance architecture.

Official statute linkedProvision-specific anatomyPractical case + evidence file

Official text: DFS consolidated Act

Statutory structure and provision map

This map is a provision-specific explanation, not a substitute for the exact statutory text.

Core statutory rule

Requires statutory audit and governs auditor eligibility/approval, access, powers, duties and banking-specific reporting matters.

Condition / limitation

audit of branches and matters RBI may direct are part of the compliance architecture.

Source and effective-date control

Apply the wording of Section 30 that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.

Professional application

Map auditor appointment/approval, qualifications, audit powers, reporting duties and special audit procedure.

Evidence / working-paper checklist

Section 30 evidence: general-ledger / treasury reconciliation.
Section 30 evidence: return or financial statement submitted to RBI/Registrar.
Section 30 evidence: auditor sign-off or working papers where relevant.
Section 30 evidence: filing acknowledgement and calculation of the statutory reference date.

Retain the event date and source version with the file so the conclusion remains reproducible after later amendments.

Common mistakes to avoid

For Section 30, avoid using a legacy Friday/fortnight reference after the statutory date changed.
For Section 30, avoid submitting a return without a ledger reconciliation.
For Section 30, avoid assuming an extension exists without a written statutory/RBI basis.

Related sections inside the Act

Use these links to read Section 30 in its statutory sequence, especially where the provision imports definitions, approvals, appeals, penalties or winding-up consequences from neighbouring sections.

Current-law source control

Source control: Section 30 is anchored to the official DFS consolidated text; later changes require separate Gazette verification.

Dated matters: verify any later Gazette, RBI direction or binding judgment affecting Section 30 on the event date.

Professional reading note

Professional reading note — Section 30 should be applied as a sequence, not as an isolated heading. Start with the factual trigger

for audit, then test the operative proposition: Requires statutory audit and governs auditor eligibility/approval, access, powers, duties and banking-specific reporting matters. Next

confirm the limiting or interaction point: audit of branches and matters RBI may direct are part of the compliance architecture. The working

file should be capable of showing why the section applies to the relevant bank or person, which statutory version governs the event

date, and which documentary record proves the conclusion. Useful evidence on this page includes Section 30 evidence: general-ledger / treasury reconciliation and

Section 30 evidence: return or financial statement submitted to RBI/Registrar. Read the provision in sequence with Section 29 — Accounts and balance-sheet

and Section 29A — Power in respect of associate enterprises. This method keeps the legal answer tied to the provision itself while

allowing RBI directions, rules and later instruments to be layered on only where their own scope actually applies.

Primary official sources

Department of Financial Services — consolidated Banking Regulation Act, 1949

Disclaimer

This Finin2min page is an educational and professional reference. Banking regulation is fact-, entity- and date-sensitive. Verify the current Act, Gazette amendments and commencement notifications, applicable RBI Rules/directions and the transaction record before acting or filing.