Three types of Audit in the Bank
1. Internal Audit
Internal Audit of the Bank is conducted by the full-time employees of the Bank
The full-time employees of the Bank are may be qualified Chartered Accountants or not qualified Chartered Accountants
So internal auditor who himself is an employee of the Bank
2. Concurrent Audit
Concurrent Auditors are appointed by the Bank Management from the panel of Chartered Accountants.
The only difference between the Internal Auditors and Concurrent Auditors is that while the Internal Auditors are full-time employees of the Bank, the Concurrent Auditors are the Part-Time contractual employees of the Bank.
The scope and authority of the Concurrent Auditors is decided by the appointing authority.
3. Statutory Audit or External Audit
Every year a Panel of Independent Chartered Accountants is prepared by the RBI in consultation with the Institute of Chartered Accountants of India.
After the Panel is made, the same is handed over to the management of the respective Banks, who have the full discretion in the allotment of Bank Audit to any of the Chartered Accountant of their choice, subject to certain conditions.