What is statutory bank audit?

What is statutory bank audit?

Statutory Audit is a type of audit which is mandated by a Law or a Statute to ensure the books of accounts presented to the regulators and public are true and fair. Statutory audit is mandatory if certain criteria are being met by the business.

How can I apply for statutory audit of bank?

A statutory audit must review the documents below for evaluating the bank’s preliminary process.

1. Prescribed Application form.
2. Loan Application.
3. KYC Compliance.
4. Latest Audited Financial Statements.
5. Project Report, Projected P&L, Balance Sheet and Cash Flow Statement.
6. Board Resolution for Availing the Credit Facilities.

What do we do in statutory audit?

What Is The Process Of A Statutory Audit In India?

• Assets. The auditor should physically visit and verify the fixed assets.
• Inventories. The auditor must physically verify the inventories of the company.
• Loans.
• Deposits.
• Statutory Dues.
• Profit and Loss.
• Other Dues and Payments.
• Loan Usage.

How do banks do cash verification?

Audit procedure for verification of CASH in Bank Audit

1. Auditor should obtain the cash retention limit of branch.
2. In case, ATM is being operated by branch, obtain cash limit fixed for ATM machines.
3. Auditor should ask the branch as to who is getting the cash insured.

What are the types of Auditors report?

Auditors have the option of choosing among four different types of auditor opinion reports. Qualified opinion-qualified report. Disclaimer of opinion-disclaimer report. Adverse opinion-adverse audit report.

How do I check my cash and bank balance?

5. VERIFICATION OF BANK BALANCES

1. Advise the entity to send a letter to all its bankers to directly confirm the balances to the auditor.
2. Examine the bank reconciliation statement prepared as on the last day of the year.
3. Examine the reconciliation statements as at other dates during the year.

How can I get government audit?

Only Chartered Accountant firms in India with at least one full time FCA (Partner/Sole Proprietor) can apply for empanelment to the office of the CAG of India for allotment of audit of Public Sector Undertakings.

What are the major types of auditing?

What Is an Audit?

• There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits.
• External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor’s opinion which is included in the audit report.

What is the average salary of an auditor?

Auditor Salary

	Annual Salary	Monthly Pay
Top Earners	$91,000	$7,583
75th Percentile	$75,000	$6,250
Average	$58,914	$4,909
25th Percentile	$39,000	$3,250

What is required for bank audit?

(In case any of the partner of an audit firm is nominated / elected for a period of at least 3 years or more on the Board of any public sector bank then his / her such experience for a maximum period of three years will be considered as bank audit experience, provided such experience has not been earned by him/ her …

What are the six parts of an audit report?

These basic elements are report title, introductory paragraph, scope paragraph, executive summary, opinion paragraph, auditor’s name and auditor’s signature.

What is proof of cash?

A proof of cash is essentially a roll forward of each line item in a bank reconciliation from one accounting period to the next, incorporating separate columns for cash receipts and cash disbursements.

How will you do cash and bank balance audit?

How to Audit Cash and Bank Balances

• SYSTEM UPDATE.
• RISK ASSESSMENT.
• INTERNAL CONTROLS EVALUATION.
• VERIFICATION OF CASH BALANCES.
• VERIFICATION OF BANK BALANCES.
• EXAMINATION OF VALUATION AND DISCLOSURE.

Who can do audit?

Who can perform an audit? In India, chartered accountants from ICAI or The Institute of Chartered Accountants of India can do independent audits of any organisation. CPA or Certified Public Accountant conducts audits in USA.