Bank Audit-Forex

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Shobhit Jain (Querist)
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22 September 2016 What things are need to be verified in bank audit while verifying import and export transaction? On export transaction whether commission is to be accounted by bank on realisation basis or accrual basis?

Unnikrishnan B

Unnikrishnan B (Expert)
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22 September 2016 For a bank for export business there are two types if incomes
1,Usance charges, Commitment charges,and other related charges which is accounted on receipt basis
The following matters to be looked into while auditing export business of bank

1,The exporter is in RBI caution list
Or not
2,duplicate form of G R or SDF
3,whether duplicate form if PP is with the bankbank(bank to countersign the PP form)
4,is the export proceeds are realised within the time prescribed by RBI
5,whether the register for keeping the GR/PP/SDF/SOFTEX form is up to date
6,Whether RBI approval is received for issuing guarantees for cautioned listed exporters
7,Whether there is delay in submitting shipping documents to bank by exporters
8,in the case of SDF form shipping bill number to be same as on bill of lading

Interest of post shipment and present shipment are accounted in accrual basis

I hope it is clear
Thank you

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