Term loan
This query is : Resolved
10 December 2011
what are the queries be raised for doing internal audit of Term Loan?
Hari Beldona
(Expert)
10 December 2011
1.Purpose of Term loan coincide with the object of the company/firm/proprietor as the case may be
2.Project report of the Term Loan
3.Sanction letter of the Term loan along with repayment schedule
4.Security given for Term Loan
5.In the case of a Company charge is registered with ROC
3.To verify the payments as per the repayment schedule
4.At the time of finalization of accounts, installments payable with in an year is to be classified under current liabilities
5.whether the term loan is used for the purpose which was availed
6.The amount outstanding on the balance sheet should be classified under secured loans
7.Confirmation of balance from the lender of term loan
The above queries to be raised are examples only not a complete list
Few more queries may be added.
2.Project report of the Term Loan
3.Sanction letter of the Term loan along with repayment schedule
4.Security given for Term Loan
5.In the case of a Company charge is registered with ROC
3.To verify the payments as per the repayment schedule
4.At the time of finalization of accounts, installments payable with in an year is to be classified under current liabilities
5.whether the term loan is used for the purpose which was availed
6.The amount outstanding on the balance sheet should be classified under secured loans
7.Confirmation of balance from the lender of term loan
The above queries to be raised are examples only not a complete list
Few more queries may be added.
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