Concurrent Audit of Bank

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CONTENTS
Foreword ............................................................................ iii Preface................................................................................. v Abbreviations.................................................................... vii Glossary .............................................................................. x Introduction....................................................................... xv Part I: Understanding the Banking Business and Its Legal Framework Chapter 1: Banking in India .......................................................... 3 Chapter 2: Banking Products and Services ................................ 11 Chapter 3: Organizational and Operational Structure of Banks .................................................................... 22 Chapter 4: Internal Control Through Inspection and Internal Audit ............................................................. 28 Chapter 5: Legal Framework and KYC Policies.......................... 35 Part II: Domain of Concurrent Audit Chapter 1: Evolution of Concurrent Audits in Banks................... 59 Chapter 2: General Guidelines on Concurrent Audit .................. 62 Chapter 3: Conduct of Concurrent Audit..................................... 91 Chapter 4: Concurrent Audit Universe and Procedures............ 101 Chapter 5: Checklists................................................................ 123 Chapter 6: Internal Control for Preventive Vigilance................. 186

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Part III: Various Internal Audits (Other Than Concurrent Audit) Assigned to Chartered Accountants Firms Chapter 1 : Checklists of Revenue Audit: Stock and Debtors’ Audit and Credit Audit............................ 199 Chapter 2 : Risk-based Internal Audit ..................................... 205 Part IV: Model Manual of Instruction with Various Reports and Checklist Annexure A A/A A/B A/C A/C1 A/C2 A/C3 A/D1 : Format of Weekly/Monthly Reports...................... 235 : Audit Certificate.................................................... 240 : Cumulative Leakage Statement ........................... 242 : Statement of Revenue Leakage........................... 243 : Statement of Borrowing Accounts........................ 245 : Statement of Deposit Accounts............................ 245 : Statement of Irregularities in Advance Account already Reported But Not Yet Rectified......................................................... 246 A/D2 : Statement of Irregularities regarding Other areas Already Reported But Not Yet Rectified .................................................. 247 A/D3 A/D4 : Statement of Irregularities Regarding Advances Noticed During the Month.................... 248 : Statement of Irregularities Regarding Areas Other than Advances Noticed During the Month.................................................. 249 A/E1 A/E2 : Format of Summary of Quarterly Report .................................................................. 250 : Format of Summary of Quarterly Report (Advance Part) ......................................... 258

xii

A/F A/F1 & F2 A/G A/H1- H15 A/I A/J A/K

: Format of Verification of Stock and Book Debts of Borrower Accounts .................... 266 : Statement Showing Progress of Rectification ...................................................... 269 : Irregularities Requiring Immediate Attention of Management ................................. 273 : Statistical Return .............................................. 274 : Guidelines for Checking of Revenue Leakage ............................................................ 307 : Guidelines for Checking of Investment.............. 311 : Guidelines for Checking of Foreign Exchange .......................................................... 314

Annexure B : Guidelines for Revenue Audit ........................... 344 Annexure C : Guidelines for Stock and Debit Audit ....................................................................
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