Bank Audit
Bank and government audits call for disciplined documentation, reconciled records, and timely response to observations. We assist clients in preparing for audit, addressing queries, and improving compliance processes around regulated engagements.
Process of Conduct
Cash Verification Procedure:
The auditors have to verify the cash balance at the branch at the end of 31st March.
Tax-Related Items:
An auditor will also have to check all the tax-related items and compliances that are applicable to the bank like TDS, 15H & 15H etc.
Verification of Loan Accounts:
Loan accounts form a major part of the assets for banks. A statutory auditor should check the loan accounts very cautiously.
- Preliminary Check
- Disbursement
- Post Disbursement Inspection
Issuing Audit Reports
Government Audit
Bank and government audits call for disciplined documentation, reconciled records, and timely response to observations. We assist clients in preparing for audit, addressing queries, and improving compliance processes around regulated engagements.
Need for Government Audit
- To make sure that the expenditure is incurred out of the fund, which the competent authority has sanctioned.
- To verify that the expenditure of the government department is sanctioned as per the rules and regulations of the department concerned.
- To see that the expenditure already sanctioned has been incurred by an officer who is authorized to do so.
- To ensure that the payments have been made to the right persons and they are duly entered in the books on the basis of receipts received from them.
- To see that the payments have been properly classified into capital and revenue.
- To check the existence of stock and stores and their proper valuation.
- To ensure that expenditures have been incurred in the interest of public.
- To ensure that stocktaking is done periodically and stock registers are maintained up-to-date.
- To ensure that whether money due from others has been regularly recovered while verifying the receipts.