Liability on Account of Outstanding Forward Exchange Contracts All branches which undertake foreign exchange business (i.e., those which are authorised foreign exchange dealers) usually enter into forward exchange contracts. The […]
Audit - 28. page
Liability on Account of Outstanding Forward Exchange Contracts
Liability on Account of Outstanding Forward Exchange Contracts All branches which undertake foreign exchange business (i.e., those which are authorised foreign exchange dealers) usually enter into forward exchange contracts. The […]
Liability on Partly Paid Investments
Liability on Partly Paid Investments If the bank holds any partly paid shares, debentures, etc., the auditor should examine whether the uncalled amounts thereof are shown as contingent liability in […]
Balance Sheet Disclosure
Balance Sheet Disclosure The Third Schedule to the Banking Regulation Act, 1949, requires the disclosure of the following as a footnote to the balance sheet. (a) Contingent Liabilities I. Claims […]
Contingent Liabilities
Contingent Liabilities The term ‘contingent liabilities’ can take two forms. On the onehand, a contingent liability refers to possible obligations arising from past transactions or other events or conditions, the […]
Letter of Credit, Bank Guarantees and Letters of Comfort
Letter of Credit, Bank Guarantees and Letters of Comfort The concepts of Letters of Credit, Bank Guarantees and Letters of Comfort have been discussed in the Chapter “Advances-Other than Agriculture”of […]
Audit Approach and Procedures
Audit Approach and Procedures : The auditor may verify the various items under the head ‘other liabilities and provisions’ in the following manner. Bills Payable The auditor should evaluate the […]
Bills Payable
Bills Payable Bills payable represent instruments issued by the branch against moneys received from customers, which are to be paid to the customer or as per his order (usually at […]
Inter-office Adjustments
Inter-office Adjustments The balance in inter-office adjustments account, if in credit, is to be shown under this head. Chapter 15 of Part III of the Guidance Note provides the detailed […]
Others (Including Provisions)
Others (Including Provisions) : According to the Notes and Instructions for compilation of balance sheet and profit and loss account, issued by the RBI, the following items are to be […]