Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

CONCURRENT AUDIT

Nikky (Chartered Accountant) (552 Points)

05 September 2009

WHAT IS IMPORTANT PART OF BANK'S CONCURRENT AUDIT?

IS THERE ANY CHECK LIST FOR THAT?

Reply
Follow
Share

14 Replies

Nikky (Chartered Accountant) (552 Points)
Replied 05 September 2009

Please Reply to this

I am waiting for some one to reply

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

Refer for Banks previous auditor's, concurrent audit report...further if u r a CA final Student than refer topic Audit of Banks u will get lot of information

1 Like

Vinod Kashyap (XBRL Training) (451 Points)
Replied 06 September 2009

hi !

Concurrent Audit of Bank covers almost all the areas including Information Systems Audit. If you have a look at a good Concurrent Audit Report you will get fairly good idea about it.Yes, I have prepared a Check List for some areas of Concurrent Audit including Information Systems Audit. In case you need one, I can mail it to you.

Thanks,

Vinod

Nikky (Chartered Accountant) (552 Points)
Replied 06 September 2009

Thank You Mr. Mohan Dagha and Mr. Vinod

Mr. Vinod i will need your check likst

Please mail it to nikky.damani @ gmail.com

Thanking You

CA. Rahul Mishra (CA) (54 Points)
Replied 07 September 2009

hi Vinod

i would like to read the check list for concurrent audit. Will u please mail me the same. my email id is rahul.mishra @ icai.org.

Thanx

Upgrade to CAclubindia Pro. Subscribe Now!

Madhusudan Kabra (knowledge seeker) (1779 Points)
Replied 08 September 2009

if you are doing concurrent audit of a bank branch then following are the important area of audit :-

1. NPA classification

2. C.C. hypothication

3. INSDET

4. nri proofs

and a/c opning form (see all KYC requirements fullfilled or not .beacause you can deduct more then 2 marks for one KYC query )

Madhusudan kabra

Nikky (Chartered Accountant) (552 Points)
Replied 08 September 2009

Thank U

Madhusudan kabra

MAHENDRA KUMAR BAGRECHA (FCA) (1402 Points)
Replied 01 October 2009

Hi ,

You can check following:

1.KYC Norms compliance by bank

2.NPA

3.Physical cash verification

4.Physical Stationery verification and security measures applied by bank for stationery items

5.Cash retention limit of the branch and if cash is exceeding that limit, branch should report to HO/RO

6.During the month new CC/OD/SB/Current account opened.

7.Very important- documentation of these above opened accounts. for CC/OD, documents should be as per sanctioned letter (strictly)

8.Monthly Stock statement in case of CC/OD account

These are few broad areas which you must check, apart from these things, as you will do the audit, you will understand many things.

Thanks

Pulkit Agarwal (CA. Final) (455 Points)
Replied 13 October 2009

Hi,

I am attaching a real life checklist of concurrent audit as required by Canara Bank

Attached File : 23 7 checklist for various products 15 09.pdf downloaded: 1299 times

1 Like

Pulkit Agarwal (CA. Final) (455 Points)
Replied 13 October 2009

Plz let me know that if you want anything else in this regard

Upgrade to CAclubindia Pro. Subscribe Now!

Vidhya (111 Points)
Replied 22 May 2010

hi Vinod

i would like to read the check list for concurrent audit. Will u please mail me the same. my email id is

vidhya_Seshadri @ yahoo.com

Thanx

akash behrani (Job) (107 Points)
Replied 12 June 2010

hi Vinod

i would like to read the check list for concurrent audit. Will u please mail me the same. my email id is akashbehrani88 @ gmail.com

Naveen (Chartered Accountant) (22 Points)
Replied 24 June 2010

Hey, can anyone give me the Proforma of "CONCURRENT AUDIT" of a Private Limited or Limited Company (engaged in Trading & Manufacturing Activities), i.e. i mean to say that the Concurrent Audit Report should contain________?????

also The Auditors Report on Concurrent Audit

Note: I don't want for Banking or Insurance Sector