Verification of Security against Advances : From the view point of security, advances are to be classified in the balance sheet in the following manner: (a) Secured by tangible assets. […]
All posts by Tina Saha - 373. page
Professional Tax Consultant and Article Writer
Review of Operation of Account
Review of Operation of Account The auditor should review the operation of the advance accounts. In doing so, an intelligent scrutiny of the operation of the account should be carried […]
Centralisation and location of original loan documents at Loan Processing Centres
Centralisation and location of original loan documents at Loan Processing Centres Of late, there is an increasing propensity in banks to process the loans and advances, including appraisal, sanction, documentation, […]
Examination of Loan Documents
Examination of Loan Documents As indicated earlier, the documents relating to advances would be affected by the legal status of the borrower and the nature of security. Thus, where the […]
Examining the Validity of Recorded Amounts
Examining the Validity of Recorded Amounts The auditor should ascertain the status of balancing of subsidiary ledgers relating to advances. The total of balances in the subsidiary ledgers should agree […]
Long Form Audit Report
Long Form Audit Report The auditor has to comment on various specific issues as mentioned in the Long Form Audit Report of the bank. While evaluating the efficacy of internal controls […]
Computation of Drawing Power/Limits in respect of stocks hypothecated
Computation of Drawing Power/Limits in respect of stocks hypothecated In respect of credit facilities against hypothecation of stocks (inventories) being the primary security, the Bank’s system of appraisal for determining […]
Evaluation of Internal Controls over Advances
Evaluation of Internal Controls over Advances : The auditor should examine the efficacy of various internal controls over advances to determine the nature, timing and extent of his substantive procedures. […]
Audit Approach and Procedures
Audit Approach and Procedures Advances generally constitute the major part of the assets of the bank. There are large number of borrowers to whom variety of advances are granted. The […]
Classification based on Place of Making Advances (Section C)
Classification based on Place of Making Advances (Section C) a) Advances to sectors, which are classified as priority sectors according to the instructions of the RBI, are to be classified […]