Bank Audit - 7. page

Reconciliation of Control and Subsidiary Records Have the figures, as at the year end, in the control and subsidiary records been reconciled? If not, the last date upto which such […]

Profitability The auditor is required to comment on the profitability aspects as under:  Analysis of variation in major items of income and expenditure compared to previous year.  Important […]

Systems and Controls The auditor is required to comment on systems and controls as under:  Existence of systems and procedures for concurrent and internal audits, inspections, EDP audit of […]

Capital Adequacy The auditors are required to:  Enclose a copy of the capital adequacy certificate.  The auditors should bring out their observations on the systems and processes being […]

Automation and Computerisation Computerisation results in changes in the processing and storage of information and affects the organisation and procedures employed by the entity to achieve adequate internal control. The […]

Suspense Accounts, Sundry Deposits etc. These are:  System for clearance of items debited/credited to these accounts. The auditor should look into the procedure of the bank to determine whether […]

Frauds/Vigilance These are:  Observations on major frauds discovered during the year under audit.  System of follow-up of frauds/ vigilance cases. (Reported to RBI in FMR1.) The auditor is […]

Balancing of Books/Reconciliation of control and subsidiary records These are:  System of monitoring the position of balancing of books/ reconciliation of control and subsidiary records.  Follow-up action. The […]

Inter-branch Reconciliation These are:  Comments on the system/ procedure and records maintained.  Test check for any unusual entries put through inter-branch/ head office accounts.  Position of outstanding […]

Branch Inspections These are:  System of branch inspections: frequency; scope/ coverage of inspection/ internal audit, concurrent audit or revenue audit; reporting.  System of follow-up of these reports; position […]