Top-up
BL
# RBI opens doors to broking, real estate firms to set up banks
RBI finds 154 cases of misuse of ECB funds: Meena
RBI finalising licence norms for new banks: FinMin
SG
Revised Audit Report Formats for bank/ bank branch audit
<> IMPROMPTU (SHARING OBSERVATIONS)
On a quick reading, and based on first impressions, points primarily noted are:
1. The format , as it appears, is ‘illustrative’ ; as such, one has no clue whether or not it is the final format in which it is going to come into effect.
2. There are two such separate formats; one for BCs and another for PSBCs.
3 In one’s independent perception,and tentative perspective,a CA acting as statutory auditor might have to closely study and critically analyse , so as to fully understand the implications of the revised format (s),- firstly in general then in detail. In doing so, due regard requires to be had to inter- alia the actual but irrefutable fact that, – the contents are couched in a language too verbose, to make it difficult to clearly understand and digest the purport or import thereof, on a word / term -by -word/term used basis, for anyone( including the seniors in practice) ; and even granting reasonable experience in and exposure to banking companies audits.
4. The points of caution made in 3. above, equally, rather with a greater force, might hold good for the managements as well. For, going by the tenor of the applicable portion of the report , the primary responsibility ,- in comparison to the erstwhile position, extremely onerous in nature, – is that of, and has been fixed on, them with regard to the ‘correctness and completeness’ of the final accounts.
Incidentally, in the verification/signature portion for auditor, the wording does not seem to cover a case should the audit be by a LLP/its partner.
Key Note: The above are tentative reactiions of a well-wisher, but admittedly a novice in the field of company audit ; hence necessarily require an in-depth application of mind and detailed consideration by professionals / experts active in that specialised field, before drawing own independent conclusions, for adopting.
To be contd.
CAclub
Bank Audit: CA club
New proposed bank audit report format imp!!!
http://vswaminathan-vswaminathan-swamilook.blogspot.in/2011/10/bank-deposits-partial-insce-cover.html
SG
Fears of ICAI
Cross refer:
1. http://vswaminathan-swamilook.blogspot.in/2013/02/acting-in-concert-purpose-concepts-of.html
2. http://arc.gov.in/9threport/ARC_9thReport_Ch5.pdf
<>A close analysis of NFRA provisions in Cos Bill 2012
>previous
While a study may go on and on, to get to know what after all it means or signifies, and to whom and when, read, to begin with >
http://www.ehow.com/about_5070210_forensic-audit_.html
What Are the Positives and Negatives of Forensic Accounting?
Quest for knowledge is a map for a road which is lways underf construction -Agree ?!
BL
# RBI opens doors to broking, real estate firms to set up banks
RBI finds 154 cases of misuse of ECB funds: Meena
RBI finalising licence norms for new banks: FinMin
SG
Revised Audit Report Formats for bank/ bank branch audit
<> IMPROMPTU (SHARING OBSERVATIONS)
On a quick reading, and based on first impressions, points primarily noted are:
1. The format , as it appears, is ‘illustrative’ ; as such, one has no clue whether or not it is the final format in which it is going to come into effect.
2. There are two such separate formats; one for BCs and another for PSBCs.
3 In one’s independent perception,and tentative perspective,a CA acting as statutory auditor might have to closely study and critically analyse , so as to fully understand the implications of the revised format (s),- firstly in general then in detail. In doing so, due regard requires to be had to inter- alia the actual but irrefutable fact that, – the contents are couched in a language too verbose, to make it difficult to clearly understand and digest the purport or import thereof, on a word / term -by -word/term used basis, for anyone( including the seniors in practice) ; and even granting reasonable experience in and exposure to banking companies audits.
4. The points of caution made in 3. above, equally, rather with a greater force, might hold good for the managements as well. For, going by the tenor of the applicable portion of the report , the primary responsibility ,- in comparison to the erstwhile position, extremely onerous in nature, – is that of, and has been fixed on, them with regard to the ‘correctness and completeness’ of the final accounts.
Incidentally, in the verification/signature portion for auditor, the wording does not seem to cover a case should the audit be by a LLP/its partner.
Key Note: The above are tentative reactiions of a well-wisher, but admittedly a novice in the field of company audit ; hence necessarily require an in-depth application of mind and detailed consideration by professionals / experts active in that specialised field, before drawing own independent conclusions, for adopting.
To be contd.
CAclub
Bank Audit: CA club
New proposed bank audit report format imp!!!
http://vswaminathan-vswaminathan-swamilook.blogspot.in/2011/10/bank-deposits-partial-insce-cover.html
SG
Fears of ICAI
|
Posted: 13 Feb 2013 05:19 PM PST
Our beloved Institute of Chartered Accountants of India(ICAI) is the world’s 2nd biggest accounting body and the one with constitutional powers of framing & governing accounting practices in India. Ministry of Corporate Affairs with its new proposal of NFRA has plans to take away the two big...
 <>comments: For making an independent study, with a view to forming an unbiassed opinion, besdides others,the govermental report is seen to provide a useful guide – Ref. http://arc.gov.in/9threport/ARC_9thReport_Ch5.pdf |
Cross refer:
1. http://vswaminathan-swamilook.blogspot.in/2013/02/acting-in-concert-purpose-concepts-of.html
2. http://arc.gov.in/9threport/ARC_9thReport_Ch5.pdf
Posted: 13 Feb 2013 05:13 PM PST
The 2013-14 Budget will be presented when the Indian economy is going through one of its most difficult phase. The 2012-13 Budget had forecast a growth rate of 7.6% and an inflation rate of 6.5%. In the first half of 2012-13, the economy grew by around 5.3% & likely to be almost same in the...
Posted: 13 Feb 2013 04:53 PM PST
Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. The clause requires the auditor to comment whether the company is maintaining proper records showing full particulars, including quantitative details and...
Posted: 13 Feb 2013 05:13 PM PST
The 2013-14 Budget will be presented when the Indian economy is going through one of its most difficult phase. The 2012-13 Budget had forecast a growth rate of 7.6% and an inflation rate of 6.5%. In the first half of 2012-13, the economy grew by around 5.3% & likely to be almost same in the...
<>A close analysis of NFRA provisions in Cos Bill 2012
>previous
While a study may go on and on, to get to know what after all it means or signifies, and to whom and when, read, to begin with >
http://www.ehow.com/about_5070210_forensic-audit_.html
What Are the Positives and Negatives of Forensic Accounting?
Quest for knowledge is a map for a road which is lways underf construction -Agree ?!
One finds helpful material, in galore, in public domain for enlightening self on the crux of the whole matter.