Concurrent Audit

We have done 3 Nationalised Bank audit for 3 years under Banking Regulation Act, 1949 in concurrent audit. Some of the points covered in audit are mentioned below

  • Surprise verification of cash & tallying with system balance
  • Surprise verification of stock like cheque book, ATM card
  • Surprise verification of ATM & verifying remaining notes with system
  • Surprise verification of Locker keys
  • Surprise verification of gold loan packets
  • Surprise verification of camera & verifying 180 days backup
  • Surprise verification of stationary
  • In case of deposits, proper interest rate is entered in system & on FD document
  • In case of premature FD 1% interest is required to be deducted
  • In case of issuing locker proper agreement as per RBI must be entered & locker rent is to be collected
  • In case of renewal, it will be renewed after following procedure at the time of sanctioning. Renewal charges, visiting charges or inspection charges will be collected quarterly
  • Examine petty cash expenses & balance
  • Advances sanctioned during the month
    1. Scrutinizing KYC documents of client whom loan is sanctioned
    2. Scrutinizing CIBIL report of client whom loan is sanctioned
    3. In case of CC check hypothecation of stocks is done in bank name
    4. Stock is insured properly check hypothecation of insurance is done in bank name
    5. If primary security is insufficient then secondary security & personal security of applicant is taken
    6. Scrutinize GST return, income tax return of client
    7. Scrutinize statement of assets & liability, in appropriate case net worth certificate of company will be taken
    8. Loan is sanctioned by proper authority
    9. Application is properly signed by borrower
    10. Proper interest rate is charged in system
    11. Visit by bank official at place of business or godown is done before sanctioning loan
    12. Processing charges, visit charges, mortgage charges, CIBIL charges must be collected