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Bank Audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 March 2010 I want to know what are the
Documentation that has to be check for loan advance in bank audit?
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CA. RAJESH Kr. MAURYA

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CA. RAJESH Kr. MAURYA (Expert)
26 March 2010 In case of Loan Advance documentation, you need to check the following points :
1. Whether the Affidavit and legal papers in possession of Bank/
2. Whether the Loanee's past three years Income Tax Returns are filed with Bank.
3. Whether Sanction Letter is there in file or not?
4. If property is pledged with Bank, whether the loanee is proper owner of it or not? Whether proper vetting by lawyer empanelled by Bank has been done or not?
5. Whether the property has been valued time to time or not?

When you do audit, do comparative audit, means compare two loan files of same nature of loan to get an idea what papers are in one file and what are in other.
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