Skip to content

Audit - 28. page

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 […]

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 […]