Balances with Reserve Bank of India, State Bank of India and Other Banks
(a) Were balance confirmation certificates obtained in respect of outstanding balances as at the year-end and whether the aforesaid balances have been reconciled? If not, the nature and extent of differences should be reported.
Balance confirmation certificates obtained in respect of outstanding balances as at the end of every month.
Obtain the Bank Reconciliation Statement.
If the reconciliation is not carried out or carried out incorrectly the same to be reported.
If any difference is observed, then report the amount, nature of difference and period since lying in the reconciliation statement
(b) Your observations on the reconciliation statements may be reported in the following manner:
(i) Cash transactions remaining unresponded (give details)
Give full details.
(ii) Revenue items requiring adjustments/ write-off (give details)
Give full details.
(iii) Old outstanding balances remaining unexplained/ unadjusted. Give details for:
Outstanding between six months and one year; (including Receivable or payable)
One year and above (including Receivable or payable)
(c) In case any item deserves special attention of the Management, the same may be reported.
Give full details.