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Discussion > Audit > Internal Audit >

Concurrent Audit in a Bank

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CA Student

[ Scorecard : 848]
Posted On 29 June 2011 at 19:54 Report Abuse

Is there any excel file through which penal Interest can be computed and cheked for a bank for preparing cincurrent audit report and pls mention wht types of transaction on which penal int is to be chgd...?


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CA.kaya
Chartered accountant

[ Scorecard : 3968]
Posted On 29 June 2011 at 20:40

actually bank clerk keep 'penal int manual' in print or in electronic form. in that all transaction which attract penal int will be listed. u ask them to gve that manual .

eg of penal int: late submission of stock statement attract penal int. this is one eg. 





ashish gupta
student

[ Scorecard : 1897]
Posted On 29 June 2011 at 21:40

ya and the rates of intt. are also decided by banks and forwarded to the branches as guidelines.




ABHINANDAN JAIN
CA Student

[ Scorecard : 848]
Posted On 29 June 2011 at 21:41

@ Kaya

Thxs for replying.

Can u pls let me how to calculate penal interest for late submission of stock statement if the rate is 2%.

Problem is when i hv calculated this interest in bank where i'm audit asst., i found diff of 2 to 3 rupees in each account whose statement has been submitted after the due date.

Is service tax is also levied along with int..

pls reply




suneet
CA FINAL

[ Scorecard : 421]
Posted On 30 June 2011 at 09:30

so you can take a reference from this file
 




ABHINANDAN JAIN
CA Student

[ Scorecard : 848]
Posted On 01 July 2011 at 12:07

Originally posted by : suneet

so you can take a reference from this file
 

wht u r trying to say i hv not undertstood...



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