Audit & Assurance
Bank Concurrent Audit
What Is Bank Concurrent Audit?
Bank concurrent audit is an audit conducted by a bank to examine the financial transactions at the time of
happening or alongside the transaction with the help of internal or external auditors. It is conducted to check the day to day bank transactions and ensuring that they are following the operational rules, regulations, policies & procedures. It has no definite period.
Bank concurrent audit includes checking of daily bank account opening, cash deposits, cash withdrawals,
authorizing transactions, tracking of non-performing assets (NPA), laws compliance, RBI compliance etc. This type of audit helps in timely identifying of irregularities & lapses. It also helps in preventing fraudulent transactions at branches. The bank concurrent audit mainly depends upon the risk profile of a bank branch. Branches with high risks are considered first for concurrent audit as compared to low risk branches.
Reserve bank of India left everything to banks in relation to concurrent audit. Every bank has the full right to
decide whether they want to appoint internal or external auditor or a retired bank staff for doing concurrent
audit. At the beginning, the tenure of external auditor was 1 year but it has been extended up to 3 years. The
external auditor could be shifted to another branch after completion of 3 years tenure, if his or her performance is satisfactory.
As you know, now a day’s more & more bank branches are coming under the concurrent audit review. It is all due to the rise of Non-performing assets (NPA’s) in all banks. In order to increase the efficiency and profitability, banks are hiring more and more concurrent auditors. SS Auditors helps by providing you experienced external auditors for doing bank concurrent audit.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Bank Statutory Audit
What Is Statutory Audit Of Banks?
Bank statutory audit is a mandatory audit prescribed by RBI, income tax & company’s act and conducted by the external auditors ensuring that all the financial transactions of a bank are correct & without any scam. Statutory auditors are appointed by reserve bank of India (RBI) in association with institute of chartered accountants of India (ICAI). Statutory audit is conducted at every branch of the bank at the end of every financial year. A particular time frame has been allotted to statutory auditors in which they have to complete the audit of that particular branch.
The statutory auditor report should include quantification of interest income, deposits, advances & interest
expenses. Statutory audit is very important for a bank and the most important element which we have to check while doing statutory audit of banks
Cash verification procedure – An auditor should verify the cash balances at bank branch at the end of every
financial year i.e. 31st march.
Tax related items – An auditor should check all the tax related items & compliances. For ex – TDS, 15G, 15H
etc. Verification of Loan accounts – An auditor should check all the loan accounts very cautiously.
Three steps are involved in verification of loan accounts and they are as follows –
1. Preliminary check
2. Disbursement
3. Post disbursement inspection
SS Auditors help banks by providing them specialized chartered accountants who will work as statutory auditors in different bank branches till the audit completes. The Reports issued by our experienced auditors complies with the requirements of SA 700 (Forming an opinion and reporting on financial statements), SA705 (Modifications to the opinion in the independent auditor’s report) & SA 706 (Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report).
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Concurrent Audit
Concurrent Audit Meaning
Concurrent audit is a systematic way of examining and verifying the financial transactions of a business
entity at the time of happening. It focuses not on test checking but on substantial checking of
transactions. The concurrent audit has no definite period. Generally, concurrent audit is conducted for
bank branches and it depends upon the quantum of advances given.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Internal Audit
What Is Internal Audit?
Internal audit is an audit conducted by the internal auditors of the company or outsourced to some
other company to examine that they are following the specified rules & regulations. Internal auditors
are generally appointed by the management and they submit their audit reports to the company itself.
Internal audit is done to review the effectiveness of risk management, control & governance processes.
It is mainly done to analyze the organization business processes. Internal audit plays an important role
in improving the organization. It is also done to prevent the businesses from fraud and for the
continuous smooth functioning of the organization. It is a need of management but it is not a legal
requirement.
SS Auditors helps by giving the internal audit service to various businesses and complete it in duration of
few days. Our internal audit team works closely with the internal audit directors and audit committee to
provide them quality internal audit service. They also help you in identifying new business opportunities
and enhance your organizational value.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Proprietary Audit
What Is Proprietary Audit?
Proprietary audit is an audit conducted to compare and examine any specific activity to find out whether
it lies in public interest or in accordance with commonly accepted customs & standards of conduct. It
not only evaluates the underlying evidence but also examine the responsibility, regularity, vigilance and
impact of various acts.
In case of proprietary audit, the emphasis is on the substance of transactions and its accuracy rather
than concentrating too much on vouchers, documents and evidences. In the proprietary audit, the team
of experts focuses on public interest, financial prudence and prevention of wasteful expenditure. Their
main aim is to verify the transactions and comparing them with the standards that whether they are
meeting all criteria or not. The audit report prepared by the auditor gives information about accuracy of
transactions and its impact on the organization. An experienced auditor can only evaluate and
understand whether the transaction is meeting all criteria to match the standards.
Proprietary audit focuses on ensuring that the funds are received from appropriate channels and those
funds are spent for appropriate purposes too. It is done to check that whether any problem such as
revenue leakage, frivolous expenditure and corruption are existing in the business. The report of the
proprietary audit is submitted by the auditor to the person who appointed him.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Revenue Audit
What Is Revenue Audit?
Revenue audit is the audit conducted to check & verify the accuracy of expenditure incurred and the
income/revenue earned by the business. In the revenue audit, an auditor focuses on the areas which
affect revenue items of the business.
There are two main stages of revenue audit which are as follows –
1. Testing of revenue accounts on your income statement
2. Examination of accounts receivable on the balance sheet
In case of revenue audit, company’s tax returns are matched with the tax records and auditors focus on
one or more areas of the business. For ex – Financial statements, tax information, compliances or
business operations. The main role of the auditor is to examine the existing system, report or entity. It is
a two-part process in which auditor checks & verifies the figures and the information of company’s tax
returns by comparing the same with the business records. Generally, auditor checks the income returns
over a period of one year. In case auditor notices any discrepancy, they may review your previous
records too.
Auditors help in identifying the tax evasion as well as additional liabilities too. They will also collect fines,
penalties or interest wherever applicable.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Statutory Audit Services
Statutory Audit Overview
Statutory audit is an audit conducted by the external auditors to ensure that all the financial details of
the company are correct & without any scam. Statutory audit is mandatory by the law. Statutory
auditors are appointed by reserve bank of India (RBI) in association with institute of chartered
accountants of India (ICAI) (https://www.icai.org/). It is a mandatory for all companies registered under
the companies act. Every public or a private limited company has to mandatorily audit its books of accounts every year. The main purpose of doing this type of audit is to check the information of a company such as bank balances, bookkeeping records & financial transactions to ensure that the company is presenting the
fair & accurate picture of its financial records. Reports of statutory audit are shared with the
shareholders.
SS Auditors provides wide range of accountancy services and statutory audit is one of them. We provide
statutory audit service to various businesses and complete the audit in duration of few days.
To get the best deals on statutory audit service, you have to tell us the following things mentioned below
1 Your company name
2 Type of industry i.e. banking & finance, manufacturing, food, chemical, IT & consulting etc.
3 Type of service provider i.e. Individual consultant, consulting firm or any.
4 Type of service contract i.e. one time contract, contract for many years or any one of them.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees
Stock Audit
What Is Stock Audit?
Physical verification of inventory is known as stock audit. Stock audit should be performed by a business
or an organization at least once in a financial year. Stock audit is very necessary for the businesses
having multiple branches and contains massive stock of physical goods. Your stock will never be
understocked or overstocked, if you order the right quantity at the right price at the right time and
through the right source. Stock and physical assets such as raw material, physical equipment, machinery
etc. are very important for a businesses & needs to be checked again.
Stock audit is conducted by the stock auditors to ensure –
1. The correctness of stock value
2. To know the current condition of stock
3. To obtain assurance about the physical existence.
4. To know how many items are under or over stock?
5. To check whether the reported stock is matching with the actual stock.
6. To check the loss, theft or misappropriation in the stock.
7. To make proper control over stock.
What Is Included In Our Package?
Eligibility Consultation
Document Preparation
Application Drafting
Government Fees