Hello,
Can the experts please provide a checklist on how to audit a Loan given on Gold.
I need the checklist on how to go about, the actual steps or process involved.
Please help with the issue.
1 Replies
Milind M. Kulkarni
(Practicing CA)
(580 Points)
Replied 08 July 2013
Though I have not done this kind of audit before, I would suggest to know the complete process of the company before releasing the loans, study their process manual, hierarchy of approvals for loans and documentation requirement before releasing them. Select a few loan accounts, verify complete documentation, approvals given by appropriate officers in the company and verify gold hypothecated on test basis. Check how value of gold and value of loan has been determined.
check applicable laws/ regulations (such as RBI, etc.) and check whether they have been complied with. Other experts can add further to what is mentioned above.
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