The information provided by you regarding statutory audit is in very simple terms and can be easily understood. The Details of scrutinising the banking accounts together with short notes can be referred for further stat audits..please contribute similar article regarding concurrent audit ..

Thanks for sharing

thnx for sharing.helpful for us

Few additional points..,

1. To keep a constant watch on suspense a/cs

2. To manually calculate interest on few loans and cross check with the system generated interest.

3. To verify the sanctions for TOD's and interest on the same

4. To check if the companies have submitted audited balance sheets and stock report to the bank or else penalty @ 2% will be levied by the bank.

5. To check if the expired and invoked BG's have been reversed or not.

6. To verify if the insurance policies of earlier loans have been expired. It so obtain a renewed policy.

7. To ensure if the installments are being paid for all loans.

8. Banks have to maintain a separate register for all the cash transactions in excess of 10 lacs. Verify the same

9. Random check on compliances with KYC norms.

10. Also to check if bank's internal transactions are reconciled monthly.

Query raised By Mr. Kishore.

hi, your ppt is both informative & interesting. I've no much idea, could you mention the month/period when the bank audit is started by the auditors? (statutory & concurrent)

Originally posted by : swati sarda
	The information provided by you regarding statutory audit is in very simple terms and can be easily understood. The Details of scrutinising the banking accounts together with short notes can be referred for further stat audits..please contribute similar article regarding concurrent audit ..

Thanks for your positive feedback swati Mam.

Ya I tried a lot to Explain in simple way that can be understand by Every one. One can go from this perfoma and can do Audit at average level.

This presentation does't include Big points like calculations regarding NPAs and all are not covered or not able to cover. So you are kindly requested to share the same.

And I have no Experiance Regarding Concurrent Audits. If I find anything regarding this then will sure share on your Profile.

Thank you.

nicely prepared...thanks for sharing

thank u so much bhargav bhai, u did a fabulous job !

u shared a very rare presenation of something which is practically done in a simple manner.

i hope icai study manual could also cover every concept in this manner and then at the end provide us the linkage of each concept.

simply superb bhargav bhai!

Originally posted by : Aanya
	Few additional points.., 1. To keep a constant watch on suspense a/cs 2. To manually calculate interest on few loans and cross check with the system generated interest. 3. To verify the sanctions for TOD's and interest on the same 4. To check if the companies have submitted audited balance sheets and stock report to the bank or else penalty @ 2% will be levied by the bank. 5. To check if the expired and invoked BG's have been reversed or not. 6. To verify if the insurance policies of earlier loans have been expired. It so obtain a renewed policy. 7. To ensure if the installments are being paid for all loans. 8. Banks have to maintain a separate register for all the cash transactions in excess of 10 lacs. Verify the same 9. Random check on compliances with KYC norms. 10. Also to check if bank's internal transactions are reconciled monthly.

It's really helpful points. Thanks a lot for posting Aanyaji.

Originally posted by : Bhargav Nathwani
	Query raised By Mr. Kishore.   hi, your ppt is both informative & interesting. I've no much idea, could you mention the month/period when the bank audit is started by the auditors? (statutory & concurrent)

Statutory : Generally started from first wook of April. We are required to finalise (Audit) for period previous year of April to current March.

Concurrent : Concurrent Audits generally held queterly.

I would like to now about supply bills discounted to bank... What risk does the bank covers and what does it gain by taking such risk...?????

@ Anaya

Bank would discount only those bills whose buyers are guaranteed by ECGC via exporter policy with ECGC and  Bank would also obtain Post Shipment ECGC policy of its own and periodically pays the ECGC premium. Exporter covers his buyer by ECGC and bank obtain that cover.

If the buyer defaults, then either bank or exporter (through Bank) will file claim with ECGC and ECGC would take 8-12 months to settle /decline the claim. Usually ECGC grants 90% of the default value.