Home > Articles > Audit > Long Form Audit Report - LFAR

Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.




Long Form Audit Report - LFAR

 Comments  

     on  31 August 2010    

Report Abuse Print This Page

Long Form Audit Report - LFAR

Documents required to be kept in Audit file for Peer Review purpose

1. Cash Retention Limit duly certified by the Branch Manager;

2. A certificate from the Branch Manager stating that the excess cash holding is being reported to the controlling authority on a regular basis;

3. A written confirmation from the Branch Manager that there is sufficient insurance cover for cash-on-hand and cash-in-transit at the Head office level;

4. Take a copy of the Key Register showing the details of keys and key holders;

5. A photo copy each of the confirmation certificates for Balances with RBI, SBI and other banks;

6. A copy of the reconciliation statement in respect of differences in such balances with RBI, SBI and other banks;

7. A certificate stating that the Branch did not hold any investments on behalf of the Head Office (if there are no such investments held by the Branch);

8. A certificate from the Branch Manager for physical verification of investments held by the Branch on its own or on behalf of the Head Office at the end of the year;

9. A copy of the Demat Account relating to such investments;

10. List of overdue or matured investments at the end of the year duly confirmed by the Branch Manager;

11. List of large advances i.e. those in respect of which the outstanding amount is in excess of 5% of the aggregate advances of the Branch or Rs.2.00 crores whichever is less duly certified by the Branch Manager;

12. List of renewal proposals pending at Branch Level at the end of the year duly confirmed by the Branch Manager;

13. A copy of the letter from Head Office regarding Sanction limit of the Branch Manager;

14. List of proposals sanctioned during the year;

15. List of cases where registration of creation of charge with Registrar of Companies pending at the end of the year;

16. List of cases where the prescribed period of 30 days for registration of creation of charge is over as at the end of the year;

17. List of cases where search reports obtained from professionals for loans sanctioned to various companies;

18. List of cases where the Branch has not obtained acknowledgement of Debt (AOD)/ Balance Confirmation letters at the end of the year;

19. List of cases where the Branch has not obtained stock/book debts statements at the end of the year;

20. List of cases where the stock audit is mandatorily required to be carried out;

21. Note down any adverse qualifications in such stock audit reports and a copy of the portion of such qualified reports as to which contains the qualifications;

22. List of Advances to non-corporate entities with limits beyond Rs.10.00 lacs duly certified by the Branch Manager;

23. A copy of the circular from the Head Office regarding the manner in which the compulsory audit is to be carried out (RBI Circular dated 21.10.2002);

24. A certificate from the Branch Manager for inspection or physical verification of securities charged to the Bank;

25. A statement from the Branch Head regarding cases of inspection due as on March 31st and inspection actually carried out during the year;

26. List of cases where insurance copies are yet to be received at the end of the year;

27. A statement of credit card dues at the end of the year;

28. A copy of the Head office instructions for identification of NPAs and classification of advances

29. A copy of the master circular issued by the Reserve Bank of India;

30. List of cases where authorized legal action for recovery of advances are pending at the end of the year;

31. A list of cases where legal action for recovery of advances or recalling of advances was authorized by the Board or local board;

32. List of cases where nursing or rehabilitation programmes have been initiated in respect of any Non-performing Assets and the status as at the year end and any developments in relation thereto;

33. A confirmation from the Branch Manager that the Branch has opted out of DICGC scheme;

34. List of cases pending under DICGC scheme;

35. List of cases where the branch has obtained valuation report from approved valuers for the Fixed Assets charged to the Bank in respect of Non-performing Assets and any pending list at the end of the year;

36. List of compromise/settlement/write off cases during the year duly certified by the Manager;

37. List of guarantees invoked, paid but not adjusted at the end of the year;

38. List of guarantees invoked but not paid at the end of the year;

39. Confirmation from the Branch Manager that they have physically verified the stationery and stamps on hand at the end of the year;

40. List of missing/lost items of such stationery at the end of the year duly certified by the Branch Head;

41. Copy of the Exception report for sundry assets and suspense accounts;

42. List of revenue and capital items pending in suspense account;

43. Copy of Exception report from Bank for inoperative accounts in deposits;

44. Obtain ledger extracts of days subsequent to the date of balance sheet;

45. Obtain the exception report from the branch for matured term deposits at the end of the year;

46. A certificate from the Branch Head in the prescribed format for old outstanding items pending for 3 years or more in respect of Bills payable, sundry deposits etc.;

47. Obtain representation from the Branch Management that all contingent liabilities have been disclosed and that the disclosed contingent liabilities do not include any contingencies which are likely to result in a loss and which therefore require consequent adjustment of assets and liabilities;

48. List of legal disputes for chance of arising of contingent liabilities;

49. A copy of the instructions of the controlling authorities of the Bank regarding charging of interest on Non-performing Assets;

50. A certificate from the Branch Manager for balancing of books at the end of the year;

51. Obtain copy of the Security policy/ Disaster recovery plan in respect of Computerised branches;

52. List of major items pending for reconciliation under Inter-Branch Accounts;

53. Note down the period and date of all previous audit reports like concurrent, inspection and RBI reports;

54. List of all fraud cases reported to RBI as fraud upto March 31st ;

55. Obtain a brief history of each fraud discovered during the year;

56. A certificate from the Branch Head for carrying out physical verification of the Fixed Assets at the end of the year;

57. Management Representation letter has to be taken from the Branch Manager as regards the availability of title deeds for immovable property at the Branch;

58. List of advances which have been updated from NPA to standard during the year and the reason for the same;

59. A list of time-barred decrees duly confirmed by the Branch Manager;

60. Obtain a copy of the closing circular issued by the Head office.

Published in Audit
Source : various books, records and discussions with seniors
Views : 13109

Other Articles by Anish Lakshman S




9 Comments for this Article

Related Articles




View other articles from this category



Other Newer Articles









Submit



Featured Article Writer of the Month


Quick Links



 










Browse by Category




back to the top