Inter-Branch Transactions

1580 Words4 Pages
bulb-icon

Recommended: The effect of internal controls on financial management

c. Inter-branch Transactions:
All the transactions related inter-branch cash transfers of this audit term has verified with payment/receipt vouchers along with related responded vouchers, Cash movement register and found to be correct. The balance between H.O. Books and Branch books tallied up to 03.11.2013.

2. DEBENTURES
The balance between Debenture Outstanding and Trail Balance has not tallied a difference of Rs.4000/- found. {A/c. No.19, 27, 23 and A/c. No.24, Rs. 1000/- each,}

3. PERSONAL LOANS
1. The branch obtained fully filled and duly signed Personal Loan Applications from the applicants, but not properly obtained approval from The Regional Manager. According to circular No.CO /CIR /ADMN/RJ:13/130, dated 12.07.2013, and the branch must obtain approval from the Regional Manager.
2. The branch has filed PL application and its related securities separately, PL application along with related securities to be filed in one file.

4. GOLD LOAN
The gold loan outstanding as on 2013 was Rs/- of Packets.
After verifying Cash Balance, gold packets in the Safe Room has physically counted and compared with the balance shown in the In&Out Ledger and the balance shown in System Outstanding Report,
As per In & Out ledger, Outstanding ledger (system) & Status Report : 209
In Safe Room Rack : 209
Gold Loan IN&OUT Register: Properly updating entries observed.

KYC NORMS – RELATED WITH GOLD LOAN ADVANCES
Regarding KYC against Gold Loan Advances, during this audit coverage period, KYC’s are verified with related records and the branch has obtained 100%
1. According to Circular No.CO/CIR/ADMN/RJ: 13/50, dated 12/04/2013, the branch has not properly uploaded photos and the branch has not at all scanning and uploading specimen signature...

... middle of paper ...

...n all aspects.

Discussions with the Branch Manager
It is hereby confirm that, discussions with the Branch Manager on all the above observations before finalizing the report.

S.Sivakumar
(Audit Manager)
Date: 06.12.2013

AUDIT RATING

NAME OF THE BRANCH: KUMARAPURAM -(TML), REGION: KANYAKUMARI

SL
NO. PARTICULARS MAXIMUM
MARKS MARKS SCORED BY THE BRANCH
1. BUSINESS DEVELOPMENT
• DEBENTURES
• ADVANCES
• INSURANCE/OTHER PRODUCTS 20
20
10 -
-
-
2 CONTROL OVER EXPENSES 5 5
3 RECOVERY 10 9
4 INTERNAL CONTROL 5 5
5 DOCUMENTATION 5 4
6 ADHERANCE OF KYC 10 10
7 • CUSTOMER SERVICE & BRANCH DEVELOPMENT

• DEVELOPMENT OF SUBORDINATES

5

5
8 SPOT RECTIFICATION 5 4
9 PREMISES & OTHER MATTERS 5 5
TOTAL 100 47

A+ EXCELENT - ABOVE 90
A VERY GOOD - 76 UPTO 90
B GOOD - 61 UPTO 75
C STATISFACTORY - 51 UPTO 60
D NOT STATISF

Show More
Related

  • Trust Company Case Study: Providian Trust

    916 Words  | 2 Pages

    Regular reviews and checkpoints must be made and the results should be effectively communicated and informed with all the involved teams.

    Read More

  • Soups, Inc.

    1038 Words  | 3 Pages

    During the Simply Soups, Inc. audit, we were responsible for confirming the balances for each of the company’s bank accounts. The purpose of sending confirmations is to obtain a reasonable expectation that the balances presented on the books reflect the actual values recorded by the banks, addressing any issues of existence. In addition to providing validation from a reliable source, confirmations also allow us to reconcile any issues concerning money in transit.

    Read More

  • Simply Soups Inc.: Case Analysis

    753 Words  | 2 Pages

    Due to this, the confirmation process has become of high risk. Third party intermediaries have been established to assist in this process by securely transmitting information to the bank and validating the authenticity of the respondent. The use of third-party intermediaries makes it more difficult for anyone to alter confirmation requests. There are risks that come with the use of third party intermediaries because the intermediary’s control weaknesses or deficiencies fall on the auditors as well when relying on confirmations received through them. Auditors must assess that the intermediary’s system of internal control has been designed and is operating effectively to meet the PCAOB

    Read More

  • The Healthy Body Wellness Center

    1145 Words  | 3 Pages

    Processes for this phase will include, implementing improvements that were identified in the check phase

    Read More

  • Bakersfield Financial Report

    1452 Words  | 3 Pages

    It provides information about all the accounts in the General Fund and the totals of all other governmental funds. According to the notes on page 144, “in the fiscal year 2010-11, the City implemented GASB 54 under which governmental fund balances are reported as nonspendable, restricted, committed, assigned, and unassigned. For the fiscal year 2009-10 fund balances have been characterized to comply with GASB 54 in order to facilitate year-to year comparisons.” This made the report’s presentation look unusual. Half of the page contains the old account names and the balances from 2005 to 2009. The other half of the page presents the new way of reporting the fund balances and the information for the following years. The last report for this section is the Changes in Fund Balances of Governmental Funds. The change on the presentation of fund balances did not affect the presentation of this report. The major changes that happed the fund balances seem to be a negative ending balance from 2008 to 2011. Most likely due to the

    Read More

  • Cultural Differences In A Merger Case Study

    2401 Words  | 5 Pages

    The trustees have reduced the organization to the extent necessary for the settlement of the bankruptcy. The loan portfolio in the Netherlands is not sold and therefore, all services of the bank have continued since the bankruptcy, except that the bank does not advise, close new contracts or initiate new loans, nor offer pay services. Company A currently loans more than €5 billion, of which €2 billion is securitized, to over 100.000 customers. There are still approximately 100 employees active for the bank. The interest repayments which Company A receives on the loan portfolio are used to pay costs and remittances to organizations who manages the securitizations and pledgees. What remains is be paid to creditors. To date, the trustees have paid out 74% to creditors. No additional distributors are expected for the coming five years. Each quarter, the trustees report on their activities. The trustees also publish an annual financial report each subsequent

    Read More

  • Global DNA Capsim Simulation Summary

    332 Words  | 1 Pages

    This summary report will provide an overview of the decisions we made as a team, the strategies we used and an evaluation of the final results. This report will also reflect on the learnings on how to successfully manage an organization.

    Read More

  • What Is The Difference Between Syncrude And Cosyn

    93 Words  | 1 Pages

    I hope above information will clear enough to get an approval. Please let me know if you need more information. We can setup a meeting.

    Read More

  • The Newham Company Essay

    1331 Words  | 3 Pages

    Accounts Receivable has good separation of duties and strong internal controls such as control numbers and reconciliations to sales and bank statements. One weakness in the Accounts receivable system is the accounting supervisor approves summary entries and reconciles the general ledger account, which could indicate a weakness with segregation of duties. We recommend that the controller approves of summary entries to segregate these duties.

    Read More

  • Internal Audit Case Study

    1665 Words  | 4 Pages

    To counter this problem, computer assisted audit techniques have been developed. These systems are able to provide a more in depth analysis of the utilized billing systems. Computer assisted audit techniques also enable highly efficient assessment of transactions. By utilizing this system, an auditor could gain a clearer picture of the revenue reporting mechanisms that are being utilized by the business office. Once the information is derived, however, its interpretation, while simpler, will still require an individual that is knowledgeable in regard to the revenue cycle

    Read More

  • The Transaction Processing

    951 Words  | 2 Pages

    Transactional Processing The accounting software packages developed and distributed by Sage and Microsoft, respectively, each use their own methods for recording accounting information. Sage 50. There are three different areas that must be discussed. These are the revenue, expenditure, and financing cycles. These areas are written about from the author's own knowledge from using the software, as learned from the book by Carol Yacht (2013).

    Read More

  • Accounting For Income Taxes

    1914 Words  | 4 Pages

    This pronouncement required the deferral method of accounting for income taxes. When the accounting net income exceeded taxable net income, balancing credit should be recognized, when the taxable net income exceeded the accounting, a balancing debit should be recognized. This was considered a deferred credit and a deferred debit. Deferred charges and credits were default classification and were placed on the Balance Sheet in what was called "no man's land," or some undefined region, between liabilities and owner's equity for deferred credits and between assets and liabilities for deferred charges. Under APB Opinion #11 it was believed that the balancing credits and debits would eventually reverse and cancel out and therefore it was to be treated as a temporary measure.

    Read More

  • Analysis Of The Walt Disney Company

    1444 Words  | 3 Pages

    In reviewing the company’s balance sheet, the current assets and liabilities were reviewed and liquidity ratios were calculated. The capital structure and the fixed and intangible asset accounting of the company were also reviewed. Off-balance sheet items such as leases and contingent liabilities were reported and noted. All of these aspects of the balance sheet were reviewed in order to do a proper analysis of the company’s balance sheet.

    Read More

  • Brockton Vet Center Case Study

    1091 Words  | 3 Pages

    * Balanced and reconciled all bank deposits in an effective, efficient and expedient manner and responsible for the auditing of money transactions

    Read More

  • Gold Essay

    865 Words  | 2 Pages

    Allocated accounts are considered as one of the safe haven investments to protect a person during times of inflation and economic crisis. Most allocated gold accounts are bought in the form of gold bullions. The most common type is the London Good Delivery with strict qualification of its purity and fineness of content.

    Read More

More about Inter-Branch Transactions

Open Document