All posts by Tina Saha - 372. page

Professional Tax Consultant and Article Writer

Third Party Guarantees The auditor should examine the guarantee bonds and the demand promissory notes in order to verify the third party liability. Auditor should satisfy that the guarantee is […]

Reliance on / review of other reports The auditor should take into account the adverse comments, if any, on advances appearing in the following:  Previous audit reports.  Latest […]

Immovable Property : The auditor should inspect the title deed, the solicitor’s/advocate’s opinion taken by the bank in respect thereof, and the mortgage deed. For valuation, he may rely upon […]

Plantations These advances are classified as secured against the crop and/or the fixed assets (viz., mortgage of land) of the plantation. The auditor should examine the agreement and the title […]

Hire-purchase Documents These advances may be classified as secured against the hypothecation of goods. Where there is no hypothecation, the advance will be classified as unsecured.

Bank’s Own Deposit Certificates The auditor should inspect such certificates and examine whether they have been properly discharged and whether the lien of the bank is noted on the face […]

Life Insurance Policies The auditor should inspect the policies and see whether they are assigned to the bank and whether such assignment has been registered with the insurer. The auditor […]

Gold Ornaments and Bullion The auditor may inspect and weigh (on a test basis) the ornaments on the closing date. He should also see the assayer’s certificate regarding the net […]

Goods In respect of hypothecated goods, the auditor should check the quantity and value of goods hypothecated with reference to the statement received from the borrower. He should also examine […]

Stock Exchange Securities and Other Securities The auditor should verify stock exchange securities and their market value in the same manner as in the case of investments. The auditor should […]