Illustrative Data to be collected from the Branch while compiling the LFAR

Illustrative Data to be collected from the Branch while compiling the LFAR
1) Branch closing instructions.
2) Instructions of Controlling Authorities w.r.t. various issues.
3) Organisation chart.
4) Authorisation level and powers of branch officials.
5) Previous year’s audit report/ LFAR/ Tax audit report and compliance thereon.
6) Cash Retention Limit.
7) Bank confirmations/Bank reconciliations.
8) Insurance for Cash/Cash-in-transit
9) In case of advances > 2 crs: - sanctioned limit and outstanding.
(Both funded and non funded)
10) List of NPAs and provisioning thereon with the date of NPA.
11) List of overdues/overdrawings.
12) Stock audit reports/Unit inspection reports.
13) Valuation reports of Accounts NPA and outstanding > 1 crore where
valuation is prior to 31-03-2005.
14) Status of Frauds.
15) Break up of Suspense A/cs.
16) Listing of Provisions/Prepaids.
17) List of Security items as at 31st March.
18) Listing of all advances party wise and limit wise.
19) Listing of outstandings facility wise.
20) Listing of Contingent liabilities.
21) Listing of Fixed assets item wise tallied with the Balance sheet figure.
22) Status of claims lodged with ECGC/DICGC.
23) Cases of overdue proposals for review/renewal.
24) Cases of Sanctions not disbursed.
25) Break up of matured deposits year wise.
26) Schedule of Charges (for booking of Income).
27) System audit report, conducted, if any.
28) List of non corporate entities enjoying limit > 10 lakhs.
29) Listing of Sundry deposits/Bills payables.
30) Report in desired format of advances > 2 crs.
31) Stock register/ Insurance register/ StationeryRegister/ Draw power
Register/Cheque Book Issuance Register/ Cash book/
SanctionRegister/Custody register/ Key/Pay Order register/DD issued
Register/Document register.
32) Head office/Inter branch reconciliation/ Cheque bouncing register.
33) Balance sheet/Profit and Loss A/c as at 31st March/30th June/30th
September/31st December and 31st March of closing year.
34) List of Computer system (configuration wise) and Accounting system
in operation.
35) List of MIS reports/Returns submitted to various authorities.
36) Overdue locker rents/Vacant lockers.
37) Cash withdrawals/deposits > 10 lakhs.
38) ATM Cards/Pins on hand not issued and lying on hand.
39) Cheque books not issued and lying in stock.
40) Status of PC virus upgrades.
41) Number of inoperative accounts/ Dormant accounts.
42) Number of accounts maintaining balances below prescribed minimum.
43) Listing of Expired Guarantees.
44) Details of Customers complaints.


The key in issuance of the LFAR is a correct reply to all the
questions therein clearly bringing out the limitations if any in the
scope of audit, giving disclaimers if any wherever necessary and
stating the extent of verification and areas checked reliance placed
on work of concurrent and other auditor should be brought out. The
fact that a Management Representation Letter has not been received
from the branch should be indicated. Further, the fact that reliance
is placed on the computer system in operation without conducting a
system audit should be mentioned.