Hi
i am doing articleship in a mediocre firm and all our clients are using tally.I want to know the procedure for audit of bank book,how it should be done and what all things to keep in mind while doing that.
thanks :)
3 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 07 February 2013
Following points should be kept in mind while auditing the bank book :-
1) Check whether the Opening balance of the current year matches with the last year Closing Balance.
2) Check whether any cheques are issued to the parties but not yet given in bank for payment by them.
3) Similarly check whether any cheques received are yet to be presented in bank.
4) Check whether all the Bank charges, interest etc. are recorded properly.
5) Verify the Bank Reconciliation Statement. Check whether the cheques which are in reconciliation have been cleared in future.
6) Check whether any cheque has been dishonoured, if yes, then whether reverse entry has been passed in the books of accounts.
Regards,
Devendra Kulkarni
RAHUL JOSHI
(Doing articleship)
(229 Points)
Replied 07 February 2013
thanks
but do i need to check for payments made to party with journal ledger ?
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