we are undertaken concurrent audit for a reputed town bank.. while conducting audit programe we have noticed that bank has maintained suspense liability account for last 10 years.. my question is what is suspense liability account and how it close.. what are the provisions applicable to close these accounts? whether bank has followed right way to carry forward for this account for number of years ?
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Suspense liability
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It might be created due migration of accounts.
As you are a concurrent auditor u cannot insist them to reverse it and branch people also will not have power to do it same.
You can mention it in your concurrent audit report and you can ask them to reconcile it.
For every credit, there will be a debit.
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