OPPORTUNITIES IN BANKING SECTOR APART FROM

Transcript:OPPORTUNITIES IN BANKING SECTOR APART FROM:
OPPORTUNITIES IN BANKING SECTOR APART FROM STATUTORY AUDIT Prepared By– CA. Vijay Gupta BANKING SECTOR Bank- An organization where people and businesses can invest or borrow money Since it deals with public money and is an important pillar for economy and nation building, therefore strict compliances are imposed by the regulators. To verify compliances in accordance to benchmarks, various certification services/audits etc. From external and Internal agencies are taken. OPPORTUNITIES CONCURRENT AUDIT REVENUE AUDIT STOCK AUDIT BG AUDIT FORENSIC AUDIT ASM(AGENCY FOR SPECIALISED MONITORING) LIE(LENDERS INDEPEDNENT ENGINEERS’ REPORT)/PMC (PROJECT MONITORING CONSULTANTS) IBC(INSOLVENCY AND BANKRUPTCY CODE) VALUATION(SECURITIES OR FINANCIAL ASSETS) DUE DILIGENCE ROC COMPLIANCES ADVISORY-MERGER,ACQUISITIONS, LITIGATION, FOREIGN INVESTMENTS ETC. VERIFICATION AGENCY BUSINESS DEVELOPMENT/SOURCING-DSA RECOVERY-SARFAESI COMPLAINCE REPORTING OF ENTITIES AND BANKS’ IS AUDIT Treasury Audit DP Audit Project Report Loan Arrangements/Syndication Operation Manuals Training CONCURRENT AUDIT Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions. Qualification required ICAI certification course on concurrent audit and DISA/CISA. How to Get the work: Submission of Application for empanelment to IAD Allotment is done by IAD or Zonal Audit Office. REVENUE AUDIT/INCOME AUDIT Revenue Audit is the audit of items governing income and expenditure. It is conducted with a view to verify the accuracy, relevance of expenditure incurred and income earned according to applicable circulars, notifications, etc. Qualification required DISA/CISA How to Get the work: Submission of Application for empanelment to IAD PANEL IS MAINTAINED BY IAD/ZAO STOCK AUDIT In general, a stock audit means physical verification of the inventory/stock. It can involve the valuation of the stock and verification of receivables as well, but it usually depends on the scope and term of the engagement letter of the assignment. When heading forward, it is very crucial to keep in consideration the sole purpose for which the audit is being conducted because different audits may have a different approach which would ultimately depend on the ultimate objective of the organization. How to Get the Work: Submission of Application for empanelment to CMD(Credit Monitoring Department). Allotment is done by CMD(Credit Monitoring Department)/ Recovery Department/Branch. Each bank has its own policy for stock audit. The basic criteria is minimum working capital exposure say Rs. 1 to 10 crore. It is normally conducted on H’YLY or YLY basis.