PLEASE TELL ME HOW TO DO CONCURRENT AUDIT OF REVENUE LEAKAGES IN THE SYSTEM OF THE BANKS.
AS WELL AS HOW TO VERIFY THEIR AUMATIC GENERATED REPORTS ??
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 26 November 2012
Output is fully dependent on effective input entry.
Hence, in case of revenue leakage in Concurrent audits, u need to consider following points:
1. study and evaluate the each borrower files for sanction of loan, nature, category, ROI and terms of payments etc.
2. Check the Bank Circulars for Interest on Loans and advacnes and deposits which were changed from time to time.
3. Check the rate of interest uploaded in system on each borrower accounts based on the files, limit, term and applicable ROI.
4. Verify the previous audit reports and find out the nature and reasons of mistakes in revenue leakage.
5. apply logical and sample statistical method of audit for test checking for finding errors
CA. Kapil Goel, DISA(ICAI)
(cakapilgoel.wordpress.com)
(2191 Points)
Replied 26 November 2012
in addition to which is said by CA Subhash, verify that charges, like Inspection Charges, Ledger folio charges etc are duly charged in accounts or not.
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