Question

The Statutory Central Auditors are required to submit the Long Form Audit Report (LFAR) to the banks latest by:

• A. 31st March every year
• B. 30th June every year
• C. 30th September every year
• D. 31st December every year

Hint:

Logic Tip: LFAR is a supplementary detailed report submitted along with bank audit reporting.

Answer 1

The Correct Option is B

Step 1:
LFAR stands for: \[ \text{Long Form Audit Report} \] It is an important reporting requirement for bank audits.

Step 2:
LFAR provides detailed observations regarding:
• Internal control systems
• Advances
• Investments
• Operational efficiency

Step 3:
Statutory Central Auditors are required to submit LFAR by: \[ 30^\text{th}\text{ June every year} \]

Step 4:
Therefore, the correct answer is: \[ \boxed{\text{(2) 30th June every year}} \]