Concurent, Stock & Revanue Audit
This query is : Resolved
10 June 2009
Hi Plz any one tell me about Concurrent, Stock & Revanue Audits of Various bank. How, When and Where to apply for such Audits
Kinldy reply me on any of the following my mail address.
lovelyabhu@yahoo.co.in
andesai1998@gmail.com
Kinldy reply me on any of the following my mail address.
lovelyabhu@yahoo.co.in
andesai1998@gmail.com
05 July 2011
Hi
Any one tell me about Concurrent, Stock & Revanue Audits of Various bank. How, When and Where to apply for such Audits
Kinldy reply me on my mail address.
andesai1998@gmail.com
Any one tell me about Concurrent, Stock & Revanue Audits of Various bank. How, When and Where to apply for such Audits
Kinldy reply me on my mail address.
andesai1998@gmail.com
20 July 2024
Concurrent, Stock, and Revenue audits are specialized types of audits, each serving a specific purpose in ensuring the financial integrity and operational efficiency of banks. Here’s a brief overview of each:
1. **Concurrent Audit:**
- **Purpose:** Concurrent audit involves continuous examination of transactions as and when they occur to ensure accuracy and compliance with policies and procedures.
- **Scope:** It typically covers areas such as loans and advances, deposits, treasury operations, etc.
- **Application:** Banks usually appoint external audit firms or have internal audit departments that perform concurrent audits on a regular basis (often daily or weekly).
2. **Stock Audit:**
- **Purpose:** Stock audit is mainly conducted to verify the physical existence and valuation of securities held by the bank, such as stocks, bonds, and other financial instruments.
- **Scope:** It ensures that the bank’s records match the physical inventory of securities held.
- **Application:** External audit firms are often engaged for stock audits at periodic intervals, usually annually or as required by regulatory bodies.
3. **Revenue Audit:**
- **Purpose:** Revenue audit focuses on verifying the accuracy of income streams generated by the bank, such as interest income, fee income, and other revenue sources.
- **Scope:** It ensures that all income is properly accounted for and reported in accordance with accounting standards and regulatory requirements.
- **Application:** Internal audit departments or external audit firms may perform revenue audits periodically, often on a quarterly or annual basis.
**Applying for Audits:**
- **Concurrent Audit:** Banks typically have policies and procedures in place for appointing concurrent auditors. Interested audit firms or individuals can inquire directly with the bank’s audit department or through designated channels specified by the bank.
- **Stock Audit and Revenue Audit:** These audits are often required to be conducted by external audit firms to ensure independence and impartiality. Banks usually invite proposals from audit firms through tender processes or requests for proposal (RFP).
To apply for any of these audits, you would typically:
- Contact the audit departments of banks directly (for concurrent audit).
- Respond to tender notices or RFPs issued by banks or their authorized bodies (for stock and revenue audits).
- Ensure compliance with any regulatory requirements or qualifications specified for audit firms.
It's important to keep updated with regulatory guidelines and requirements specific to the jurisdiction where the audits are being conducted, as these may vary. For specific procedures and contacts, I recommend reaching out to the audit departments of banks or relevant regulatory authorities directly.
1. **Concurrent Audit:**
- **Purpose:** Concurrent audit involves continuous examination of transactions as and when they occur to ensure accuracy and compliance with policies and procedures.
- **Scope:** It typically covers areas such as loans and advances, deposits, treasury operations, etc.
- **Application:** Banks usually appoint external audit firms or have internal audit departments that perform concurrent audits on a regular basis (often daily or weekly).
2. **Stock Audit:**
- **Purpose:** Stock audit is mainly conducted to verify the physical existence and valuation of securities held by the bank, such as stocks, bonds, and other financial instruments.
- **Scope:** It ensures that the bank’s records match the physical inventory of securities held.
- **Application:** External audit firms are often engaged for stock audits at periodic intervals, usually annually or as required by regulatory bodies.
3. **Revenue Audit:**
- **Purpose:** Revenue audit focuses on verifying the accuracy of income streams generated by the bank, such as interest income, fee income, and other revenue sources.
- **Scope:** It ensures that all income is properly accounted for and reported in accordance with accounting standards and regulatory requirements.
- **Application:** Internal audit departments or external audit firms may perform revenue audits periodically, often on a quarterly or annual basis.
**Applying for Audits:**
- **Concurrent Audit:** Banks typically have policies and procedures in place for appointing concurrent auditors. Interested audit firms or individuals can inquire directly with the bank’s audit department or through designated channels specified by the bank.
- **Stock Audit and Revenue Audit:** These audits are often required to be conducted by external audit firms to ensure independence and impartiality. Banks usually invite proposals from audit firms through tender processes or requests for proposal (RFP).
To apply for any of these audits, you would typically:
- Contact the audit departments of banks directly (for concurrent audit).
- Respond to tender notices or RFPs issued by banks or their authorized bodies (for stock and revenue audits).
- Ensure compliance with any regulatory requirements or qualifications specified for audit firms.
It's important to keep updated with regulatory guidelines and requirements specific to the jurisdiction where the audits are being conducted, as these may vary. For specific procedures and contacts, I recommend reaching out to the audit departments of banks or relevant regulatory authorities directly.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Change details filed in original return
- Delay in Processing of return
- Negative liability in GSTR-3B
- Applicability of GST on Paying Guest
- Query on applicability of Small Company, CARO & IFC
- International Mutual fund redemption
- RCM PAYMENT BY SERVICE PROVIDER
- Applicability of Income Tax TCS on export services
- GSTR-9 Schema Validation Issue
- GSTR-9 Annual Return
- ERROR WHILE FILING UPDATED RETURN IN OLD TAX REGIME
- Applicability of GST on Hiring of Tipper to foreign Country at BHUTAN and elgibility of ITC on said
- FACELESS APPEALS
- Debt mutal fund redemption
- DEMAND UNDER SECTION 143 (3)
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- TDS under section 195.
- Filing GST Returns after death of proprietor
- Registered Required in GST Act
Trending Online Classes
CAclubindia
