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Bank Audit Experience

The firm has experience in the field of Bank Branch Audits & has conducted Audit for Branches of Banks in Area of:

A. Statutory Audit

As the Statutory Bank Branch Auditors the firm has audited various branches of public sector banks and covered areas of audits such as verification of advances, interest verification, physical verification of cash, petty cash, adhesive stamps etc. and reporting in LFAR Report, Tax Audit, Jillian/Ghosh Committee Report and other certification work.

B. Concurrent Audit

The firm has experience of doing Concurrent Audit of Public Sector Banks, Co-operative Banks and Private Banks. The areas covered in audits are physical verification of cash, petty cash, adhesive stamps, forms, overdue rents of lockers, various income leakage items & their prompt recovery, advances covered by proper security & insurance, prompt receipt of stock statements, accounts for overdrawing, overdue installments etc. on regular basis. Periodical visits to the units who have taken advances, verifying suits filed & NPA a/cs. The reporting on monthly, bi-monthly, quarterly, half-yearly & yearly as per the scope & requirements provided. In addition to above, computer audit, half yearly and yearly certification of Balance Sheet and Profit & Loss A/cs and asset classification of advances & NPA A/cs.

C. Revenue/Income Audit

The revenue/income audit covers the scope of verification, calculation & proper recovery of charges & payments of interests as per the latest circulars of various items such as Commission on D. D., Pay Order, M.T., T.T., IBC, OBC, Cheque Return, Cheque Book Charges and miscellaneous charges. Interest paid on S.B. A/c, F.D.R., R.D., etc. Interest recovered as C.C., O. D. and Terms Loans. And reporting in case of any income leakage for prompt recovery of income and their follow up.

D. Inspection Audit

The inspection audits covers the areas such as verification of account opening forms, proper sanction of advances, checking of interest calculations, proper implementation of norms & guidelines, proper security & insurance coverage on advances made proper submission of various returns to their regional & head offices.

E. Stock Audit

The stock audit covers the physical verification stock with reference to quantity & quality, compliance of sanction terms, examination of categorization, cost apportionment, valuation quantification of obsolete and slow moving items, rejected scrapped goods checking of records of inventories and receivables, payment of statutory liabilities and other related investigation and reports.

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