21 March 2010
i am appointed as a audit clerk for a concurrent audit. But have no experience in it. from tomorrow onwards i will go for it. any can give me some tips about concurrent audit? what are all the documents should i ask the bankers? what type of documents should i verify, how and what is the supporting papers for that?
22 March 2010
Dear, there is nothing to worry about. Firstly, you might have got the booklet detailing various points/items you need to verify or check.
for instant tip, I suggest you followings: 1. Check Loaning/Advances files whether everything is as per rules or not, whether all and proper documentation is there or not, proper sanctioning authority has signed or not. 2. Stock Statement Register to check timely receiving of Stock/Debtors statements, if not confirm whether penal charges are being debited. 3.You can demand for FD Register, verify rates they are giving as per rules and not detrimental to bank. 4.Locker register to check on whose accounts the locker rent is due. 5. Bank Guarantee charges from Bank guarantee register (and you also check it any of guarantee has been invoked) 6. Advances register to check if any renewal is pending 7. And, you can check bank stationery that is cheque books, DD, TC etc. whether proper stocking is maintained or not. 8. You can do cash verification in the very morning before start of public dealings or at the day end.
I hope this would sufficent for starting the audit, else, you can refer to your booklet provided by the concerned bank.
CAclubindia
