Concurrent Bank Audit ?

Mr.Divyesh need not to be audit u r firm u just submit financial reports by certifing with CA.

Once upon time the limit for Tax Audit is Rs.10lacs than the RBI fixed above Rs10lacs turnover should be audited. However i think the RBI Say about loan limit not about turnover. i.e. If loan limit exceeds Rs.10lacs should be audited but not turnover. Because the banks will be sanction loan 1/5th of the turnover i.e Rs.50,00,000*1/5 = Rs.10,00,000 loan so audit is must.

OM SAI SRI SAI JAI JAI SAI

Thanks a lot for shring your knowledge

Regards

Divyeshg

Hi, Mahika this is my first reply to a question in this websit. I thing that the most important part of concurrent audit is the planning. First u have to plan the audit well. The most important things are

1. KYC norms- 100% checking is required. recently u have heard about how RBI slapped citibank regarding this matter.

2. Advances:- Check the physical file of all the parties particularly advance having a limit of 10lakh & above. Check the documents carefully.

3. Bad Advance: Try to find out the bad advance (potential NPAs) & for this you have to learn the CBS programme used by the bank. Visit the parties & told vthem to operate thier accouts. Also consult the same with the manager.

4. Revenue leakeg: Try to find out the revenue leakegs like processing charges not debited from parties, Inspection charges not debited from party, etc. All these forms a part of Income for the bank.

If u want to perform your audit task successfully, than first try to learn the CBS programme used by the Bank. It contain some menus which makes it easier for u to perform the audit. With one click u will get  all the imformation u need. Thank you.

Hi,

can anyone plz tell me how to find any irregularity, fraud or diversion of funds in CC and OD account

is there any general rate for charges ("revenue of all kind") for all banks. as to my knoweldge , rates of charges differ from bank to bank. and some banks maintain e circular and we are not able to get it physically from branch.

Hai narendran; Yes, you are correct there is no general rate of charges. Each bank has their won rate of charges. Yes, Some banks maintaining e-cirular and didn't issuing physical forms.  However you can get such e-cirulars through bank systems from their using software as soft copy.   So consult manager or prescribed authority how to verify  such e-cirulars.

OM SAI SRI SAI JAI JAI SAI

Hi. Friends I need ur help

Cn u plz. tell me how to

1. Calculate interest amt in CC/ OD account in both case Overdue or NOT
2. Commission on BG/LC
3. Calculate DP using stock statement & Debtors ledger
4. How interest is calculated in saving a/c & FD a/c
5. What do we mean by abnormal transaction  and its range
6. How to reconcile account with RBI/ SBI
7. How to reconcile ATM a/c
8. How to reconcile clearing account.  

Please Suggest Me Revenue Leakage Topick.