can anybody provide me the chk list for qtrly concurrent audit report for a bank....?
ABHINANDAN JAIN (CA Student) (886 Points)
21 June 2011can anybody provide me the chk list for qtrly concurrent audit report for a bank....?
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 22 June 2011
Clearing
i. Proper accounting of inward and outward clearing on daily basis.
ii. proper accounting of counter returns, inward and outward. In respect of cheques returned by other banks whether respective customer's account are debited.
iii. Whether clearing difference arose genuinely and is duly adjusted?
iv. Whether safeguards are observed to ensure proper handling and custody including returned instruments?
v. If the branch is independently handling clearing, whether the clearing account is brought to nil every day, if not, comments to be noted down.
vi. Whether service charges/incidental charges as prescribed are charged for the cheques returned in clearing.
vii. Whether drawings are allowed against unclear cheques. Whether such cheques are referred through prescribed register and passed by the Controlling Officer, if the drawings exceed the prescribed limit whether these are reported to the Controlling Authority. Examine whether interest was charged and report such omission for rectification.
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 22 June 2011
Deposits of Bank Concurrent Audit
i. Verifying whether proper introduction has been obtained on new accounts opened and credentials of introducer(s) verified.
ii. Verifying whether all relevant documents are obtained at the time of opening of accounts viz. Partnership Deed, Articles & Memorandum of Association, Trust Deed and Bye-laws etc.
iii. Verifying whether photographs of account holders are obtained, attested and pasted/ stapled to the Account Opening Form.
iv. Verifying whether the payment of Term Deposit beyond Rs.20, 000/- is done through the credit of Current/Savings Bank A/c. or by Manager's cheque.
v. Verifying all interest payments above cutoff amount say Rs. 3000/- of the previous day with regard to its accuracy.
vi. Verifying whether service charges for the return of cheques, issue of cheque books, carrying out standing instructions and minimum balance charges are levied as per prescribed norm
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 22 June 2011
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 22 June 2011
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 01 July 2011
DO U KNOW WHT IS MDA RETURN ...?
pls ans here or give ur reply at link given below:
/forum/concurrent-audit-in-a-bank-152208.asp
kalyan chakravarthy
(Practicing Chartered Accountant)
(24 Points)
Replied 15 July 2011
Thanku Sir, Iam going to do my first concurrent audit
I hope this information will help me to a greater extent
p.rajanikanth
(articles)
(22 Points)
Replied 29 August 2011
sir, what are the areas new student will observe in concurrent audit
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)