Audit - 8. page

Other Matters Besides the above matters, the auditor is also expected to comment on the following:  Comments on accounting policies, if any, including comments on changes in accounting policies […]

Introduction Of Basel Capital is the starting point for any business and, similarly, in a bank, capital is one of the most critical factors which decide its financial soundness. In […]

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 […]