SOME USEFUL AUDIT EXCEPTION / ANALYTICAL REPORTS GENERALLY AVAILABLE IN CBS ENVIRONMENT

*SOME USEFUL AUDIT EXCEPTION / ANALYTICAL REPORTS GENERALLY AVAILABLE IN
CBS ENVIRONMENT*

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For Balance Sheet and Profit and Loss Account Audit

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1. Age wise and nature (head) wise classification of all office accounts

2. Advances disbursed by transferring to deposit accounts

3. Abnormal transactions in term deposit accounts

4. GL error report

5. Accounts having minimum interest rate pegged

6. Interest applied/ failed report for deposits

7. Interest applied /failed report for advances

8. Loan accounts with Zero interest rate

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For LFAR Procedures

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1. Overdue stock/book-debts/ QIS statements

2. Overdue reviews /renewals of credit limits

3. Expired insurances/under-insurances of securities

4. Overdue inspection of securities

5. Overdue renewal of loan documents

6. Overdue valuations of fixed assets charged in NPA

7. TDRs where lien has been lifted

8. Loans against TDR where lien Not marked

9. Cash balance above the cash retention limit

10. Accounts having sanction limit exceeding rupees five crore.


For IRAC Compliance Audit

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1. Accounts where moratorium period expired and interest flag "N"

2. Sub standard accounts restructured during the year

3. Standard accounts rescheduled during the year

4. Transaction turnover in CC accounts

5. Report on overdue instalments and interest in loan accounts

6. Accounts where value of securities is less than drawing power

7. Accounts out of order for more than 90 days

8. Sub standard NPA upgraded during the year

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For Tax Audit

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1. Interest paid on term deposit above the exemption limit

2. TDS not remitted within seven days from the last day of previous month



by
CA. Mukesh Saran