Bank Audit

Long Form Audit Report (LFAR) is a detailed Report on deficiencies/ non-compliance of various regulations observed by the Auditor during the course of his Audit, which cant be reported in his main Report. The simplest example of the same is observations / deficiencies in a Loan Account.

Thanks,

Vinod

LFAR is formet of audit report given by the RBI. At the time of communication of appointment, LFAR is sent in triplicate with appiontment letter. It is type of questionery in nature. Generally it contain all the area of bank which require speicial attention.

Thank you for your reply

What is VITAL Attribution in Internal Audit reports?

Generally docments verification for the granting of advances is importent area however formet provided by the bank at the time of appiontment is required to be fill. so u can not skip any area as this is not importent.

Thank you for answering my question. however I am sorry I was not able to understand as to waht you are trying to convey and also the language was not understood.

If you don't mind please expain it in detail to me

Loans r granted after documentation of necessary documents like DP notes, Sales agreement, RC buk etc. U hav check it. Advances are the most importent area in bank concurrent audit as it can not be checked in statutory audit of banks. However bank provides formet for report. U hav to check all the points as specified in the formet.

sample performa balance sheet of mlm companies as on 31.03.09