Bank statutory audit 2011-12

Page no : 3

Nayan (manager) (64 Points)
Replied 23 March 2012

https://canewsbeta.blogspot.in/2012/03/bank-audit-2012-news-22-03-2012.html

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CA KRISHNA KUMAR DARUKA (CHARTERED ACCOUNTANT) (4458 Points)
Replied 24 March 2012

GOOD NEWS:

Banks have started contacting CAs both by mail and over phone. its for catagory IV firm also.

PANKAJ AGGARWAL (CA) (110 Points)
Replied 24 March 2012

yes its really great news banks has started appointment process.

CA RAJIV (Partner) (28 Points)
Replied 24 March 2012

FEW IMPORTANT THINGS : FOR BRANCH BANK AUDIT :::::::::

1) START BRANCH AUDIT BY READING REPORT OF CONCUURENT AUDITS IF ANY , INTERNAL AUDIT REPORT , STOCK AUDIT REPORTS , REVENUE AUDITS REPORT , SYSTEM AUDIT REPORT . THIS WILL GIVE BIRD EYE VIEW OF RISKS ASSOCIATED WITH THE BRANCH . THIS WILL ALSO HELP ME PLANNING STRETEGY FOR AUDIT.

2) ADVANCES OCCUPY MORE THEN 50 PERCENT OF OUR OUR WORK. SO BETTER TO PLAN THE SAME . GET THE JOTTING OF ADVANCES SCHEME WISE ,,,, WITH INTEREST RATE IN IT . SELECT THE ADAVNCES FROM EACH CATEGORY DEPENDING UPON THE LEVEL OF ADVANCE.

IN ADANVCES PARTIUCLAR ATTENTION TO

1) ACCOUNT NOT RENEWED - BANKS NORMALLY DONT GET RENEWAL DONE IN TIME , SO THEY WILL DIRECTLY ADJUST THE ACCOUNT IN THE SYSTEMS AND SHOW IT AS RENEWED.

SO INDIVIDUAL FILE NEED TO BE CHEKCED AT RANDON TO FIND OUT WHETHER THE BRANCH HAS DONE THIS ADJUSTMENT

2) ITS COMMON PROBLEM WITH BANK THEY DONT GET AUDITED BALANCE SHEET ABOVE 10 LACS . SO PENAL INTEREST HAS TO BE APPLIED ON THE SAME.

3) ATTENTION IS ALSO TO BE GIVEN TO NON FUND ADVANCES LIKE BANK GURANTEE, LC DISCOUNTING AND LC ISSUANCE ETC . FOR LC READ BANK LOAN POLICY

4) HOUSE KEEPING PARTICULARLY CHEKING OF OF SYSTEMS LEDGERS MUST TALLY

5) MOST IMPORARTANT READ RBI CIRUCLARS , OUR OWN INSTIUATE GUIDELNES MUST BE READ.

6) CHEK WHETHER RATING IS RQUIRED NORMALLY RATING FROM OUTSIDE AGENCIES IS RQUIRED FOR ACCOUNT HAVING MORE THEN 10 CRORES

RBI.ORG.IN

6) ATTEND SEMINAR IF POSSIBLE

HAPPY A U D I T ING