Bank Audit

Statutory Annual Bank Branch 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. It is performed by qualified Chartered Accountant who is independent of the business.

Bank Concurrent Audit

  • A financial entity requires continuous monitoring of transactions. For an entity like a bank, the review mechanism must be robust and unabating. Hence the need for a concurrent audit.
  • Concurrent audit means a parallel examination of the financial transactions, i.e. examination at the time of the happening of the transaction. It is part of an early warning system of a bank for ensuring timely detection of lapses or irregularities.

Stock Audit

The main reasons for executing the audit are to correct the discrepancies that are present in the stock record when verified with the physical stock bypassing necessary adjustment entries. Following are the reasons why it is looking forward to performing a stock audit:

  • To update the starting stock details.
  • To identify the discrepancy between stock records also known as computed stock and physical stock.
  • To update actual physical stock as a stock record.
  • To ensure proper handling of stocks.
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