Bank statutory audit 2011-12

https://canewsbeta.blogspot.in/2012/03/bank-audit-2012-news-22-03-2012.html

GOOD NEWS:

Banks have started contacting CAs both by mail and over phone. its for catagory IV firm also.

yes its really great news banks has started appointment process.

FEW IMPORTANT THINGS : FOR BRANCH BANK AUDIT :::::::::

1)   START BRANCH AUDIT  BY READING  REPORT OF CONCUURENT AUDITS  IF ANY , INTERNAL   AUDIT REPORT , STOCK AUDIT REPORTS ,  REVENUE AUDITS REPORT ,  SYSTEM AUDIT REPORT .  THIS WILL GIVE BIRD EYE VIEW OF RISKS ASSOCIATED WITH THE BRANCH . THIS WILL ALSO HELP ME PLANNING STRETEGY FOR AUDIT.

2)  ADVANCES OCCUPY MORE THEN 50 PERCENT OF OUR OUR WORK.  SO BETTER TO PLAN THE SAME . GET THE JOTTING OF ADVANCES  SCHEME WISE ,,,, WITH  INTEREST RATE  IN  IT .  SELECT THE ADAVNCES FROM EACH CATEGORY DEPENDING UPON THE LEVEL OF ADVANCE.

IN ADANVCES PARTIUCLAR ATTENTION TO

1)  ACCOUNT NOT RENEWED -  BANKS NORMALLY DONT GET RENEWAL DONE  IN TIME , SO THEY WILL DIRECTLY ADJUST THE ACCOUNT IN THE SYSTEMS AND SHOW IT AS RENEWED. 

SO INDIVIDUAL FILE NEED TO BE CHEKCED AT RANDON TO FIND OUT WHETHER THE BRANCH HAS DONE THIS ADJUSTMENT

2)   ITS COMMON PROBLEM WITH BANK THEY DONT GET AUDITED BALANCE SHEET ABOVE 10 LACS . SO  PENAL INTEREST HAS TO BE APPLIED ON THE SAME.

3)  ATTENTION IS ALSO TO BE GIVEN TO NON FUND ADVANCES LIKE  BANK GURANTEE, LC DISCOUNTING  AND LC ISSUANCE  ETC .  FOR LC  READ BANK LOAN POLICY

4)  HOUSE KEEPING PARTICULARLY  CHEKING OF OF SYSTEMS LEDGERS MUST TALLY

5)  MOST IMPORARTANT READ  RBI CIRUCLARS , OUR OWN INSTIUATE GUIDELNES MUST BE READ.

6)   CHEK WHETHER  RATING IS RQUIRED  NORMALLY RATING  FROM OUTSIDE AGENCIES IS RQUIRED FOR ACCOUNT  HAVING MORE THEN 10 CRORES

RBI.ORG.IN

6)  ATTEND SEMINAR IF POSSIBLE 

HAPPY   A U D I T ING

Have anyone got call from Central Bank