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Statutory Bank Audits

Practical Aspect
Prepared By – Bhargav Nathwani
Points to be Noted
1. Physical Cash Verification
2. Security
3. Daily Cash Register
4. TDS / TCS
5. Rent Agreement of Branch Premises
6. Cash Expenses Register
7. Cash Credit Facilities
8. Demand Loans
9. Gold Loans
10. Kishan Credit Loans
1. Car Loans
2. Loan Against FDR
3. Fix Assets ( Including Employee Assets )
1. Physical Cash Verification
We have to verify physical cash custody of
Bank with cash register before opening of
Cash for a particular day.
2. Security
Security includes following points :

 Issuance of Emergency Chequ Book.

Issuance of AMT Kit and Net Banking


Service.

 Issuance of Demand Drafts.

 Issuance of Hologram.
For above four, Bank maintains two kind of
register i.e. H.O. to Branch and Branch to
Issuance to customers Register.

We are required to insure


 Both the register should maintain properly
or not ,
 Serial No. Of any documents should not
issue in between or Irregularly.
 Physical Stock of security should be tally
with written stock in both register.
3. Daily Cash Register

Daily Cash Register defines picture of


physical cash with bank at end of the day.
Every Branch has certain amount of
Insurance of cash retention with it’s secure
custody.

We have to report if any day during the


year bank has cash in hands above the
Insured amount.
4. TDS / TCS

Banks are generally required to Tax deduct at


source in following cases

 Interest on Fix Deposit (> Rs.10,000)

 Rent paid of premises including ATM

 Contract payments

 Salary of Employee (Centerlised)


 General Notes :
 We are required to confirm branch is
maintains Record of TDS properly or not.
 15G and H are required to submit by
branch to Income tax Department. It’s
done properly or not.
 After receiving 15G/H , Bank actually
refunded collected TDS or not.
 Bank has collected & filed TDS return in
proper section as per Income tax Act, 1961
or not.
 We are required to report, If branch fails to
file challan and return on time by rules laid by
Income tax Act , 1961.
 Tax collected at source on Salary of Bank
Employees are collected and filed by H.O.
from 1st April , 2012.
5. Rent Agreement of Premises
1. Generally Bank and ATM premises are on
lease Agreement.
2. We are required to insure about rent
agreements documents :
A. Rent Agreement required Sign of Land lord and Power of
attorney Holders.
B. Photocopy of deed of premises also required to
verification of land lord and Power of attorney Holders.
C. Agreement includes rent amount and It’s increment by
period to period from this we have to verify that actually
bank are following rates of rent as per the Agreement or
not.
6. Cash Expenditure Register
I. It’s includes all kind of Cash Expenditures
of bank irrespective of Nature of
Payments.
II. It’s help us to know whether the TDS is
collected on such Expenses or not.
III. Bank is required to maintain each and
every voucher of cash spend entered on
register.
IV. We are required to Random audit of such
Expenses by our own Expertise.
7. Cash Credit Facility
i. We required to insure purpose of CC
taken by holder.
ii. CC may not be use for the personal
purpose.
iii. Generally cash withdrawal are restricted
form CC accounts subject to purpose of
CC.
iv. We are required to insure CC Expes. and
monthly Interest is charged by bank or
not.
8.Demand Loans
 Application form
 Hypothication Agreement with registrar
 Arrangement letter with revenue stamp
 Security
9. Gold Loans
 Application form
 Hypothication Agreement with registrar
 Agreement letter
 Valuation report from “Gold Smith”
 Gold rate circular(s) by H.O.
 Valuation report as per Bank
 Ornaments take Agreement
 Physical Verification of Gold
10. Kishan Credit Loans
 Application form
 Hypothication Agreement with registrar
 Arrangement letter with Revenue stamp
 Form -7/12 – “Gam no namuno”
 Form – 8A
 Form-16 – Water epvipments
 Insurance (1 lacs K.C.C. = 60,000/- Insurance)
 Title Clear Certificate -TCR (K.C.C. > 3 lacs)
 “Talati sarpanch to dakhalo”
 No due certificate
11. Car Loans
 Application form
 Quatation ( Original )
 Hypothication Agreement with registrar
 Arrangement letter
 Insurance papers and It’s receipt ( original )
 Original Bill of Car
 Original RC book
 Vehicle Registration with RTO (Smart Card)
 Blank Transfer letter (with sign of
borrowers)
12. Loan against FDR
 Application form
 Hypothication Agreement with registrar
 Arrangement letter
 Circular on Rate of FDR
 Original FD receipt
 Leiun on FD (Online cheak)
13. Fixed Assets
 Opening Balance
 New Purchases (Voucher Cheak)
 Addition ( Voucher cheak)
 Sale (Voucher cheak)
 Approval from H.O. required for New
purchase , Addition and sale.
 Employee Fix Asset if any Transfer case.