Bank audit

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Aashna Shah (Querist)

02 April 2012 can anyone please help me out in what aspects are to be considered when we are auditing advances against the deposits. and also what points to be considered when auditing the vehicle loans granted?

CA. Aryendra

CA. Aryendra (Expert)

05 April 2012 Advance Against Deposite.

1. Lien Marked in the system or not
2. Rate of Interest loan in the system normally it should be 2% above of deposit rate for lower there should be specific approval for the same.
3. Original FDR should be in possation of BANK
4. Intt collection flag should be YES
5. Collect interest flag should be yes
6. Other Normal Point: Name should be correct as per proposal, Constitution of borrower.

CA. Aryendra

CA. Aryendra (Expert)

05 April 2012 Vehicle Loan:

1. Proposal should be properly filled
2. Interest Rate
3. Insurance
4. Hypothication should be marked on RTO Certificate and Insurance
Others Pints as per 4, 5, 6 same as per loan against deposit

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

07 April 2012 First of all you should see the sanction letter of loan and other terms and conditions then you should see whether the formalities have been completed or not if the loan is above 10 L the whether accounts are audited or not. You should also go through the account whether the account has ever exceeded the sanctioned limit? If yes then who allowed this excess withdrawals

Aashna Shah

Aashna Shah (Querist)

07 April 2012 Thanks a lot. It helped me so much. Thank you all once again.

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