Dear All,
Let me tell you my own experience of Stock Audit of Bank of India. There we 13 Big reputed firms of C A of Ahmedabad appointed as Stock Auditor with me. I went through in details as to stock statements submitted to Bank month to month with actual stock records. I found more withdrawals of money than the actual stock , considered to be as stock . Machinery not installed were calculated for stock statement and withdrawn the money. I went in to detail of all stock items from the records , actual and transaction. well back one year and more.
Thus resulting in irregular account, Penal interest was calculated Rs1,35,000/ and stricture, qualification . All other C A 's report was NIL. No comments!!! No recovery.!!!
All of them are there on panel to stock audit. I am deleted. Next year when I approached to the office I was told by officer that they do not want such Auditor giving qualified report!!!!
I appreciate the Reporting details as attached with this e mail and labor, intelligence , prepared and also with zeal supplied the same to other members.
Keep it up for professionals ,
Regards,
C A Shah D J
From: Sanjeev Bedi <sanjeevbedi2001@yahoo.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Saturday, 2 February 2013 4:24 AM
Subject: {Amresh's CA's} Re: Stock Audit Report Format - Bank of India
--- In ICAI_CIRC_MEERUT_CA@yahoogroups.com, Gopathy Padmanabhan wrote:
>
> Dear CA Shikha Agrawal
> To the best of our knowledge, BoI issues guidelines with one page executive summary only. No format is prescribed, as far as our knowledge goes. It is left to your professional acumen and intelligence to prepare the detailed report suiting the industry you are going to conduct the audit of.
> I am enclosing a few formats of stock audit/inspection reports of a few banks. Though some of these are available in public domain, I have deliberately deleted the names of the CAs as well as the borrowers, keeping in view of the "declaration of fidelity and secrecy"
> Now it is for you to make a MEGA / HYBRID stock audit report out of the various reports attached herewith.
> All the best.
> By the way do you think it is worth doing stock audits for three to five thousand rupees? I understand that of late the bank is paying pittance irrespective of the status of the borrower and size of the limits enjoyed.
> G. Padmanabhan
>
> --- On Thu, 1/31/13, caoffice2004 wrote:
>
> From: caoffice2004
> Subject: {Amresh's CA's} Stoc Audit Report Format - Bank of India
> To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
> Date: Thursday, January 31, 2013, 4:38 PM
>
>
>
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> Â
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> Dear Professional Freinds,
>
>
>
> Can anyone provide me soft copy of Stock Audit Report of Bank of India.
>
>
>
> Thanks in advance
>
>
>
> Shikha Agrawal
>
Let me tell you my own experience of Stock Audit of Bank of India. There we 13 Big reputed firms of C A of Ahmedabad appointed as Stock Auditor with me. I went through in details as to stock statements submitted to Bank month to month with actual stock records. I found more withdrawals of money than the actual stock , considered to be as stock . Machinery not installed were calculated for stock statement and withdrawn the money. I went in to detail of all stock items from the records , actual and transaction. well back one year and more.
Thus resulting in irregular account, Penal interest was calculated Rs1,35,000/ and stricture, qualification . All other C A 's report was NIL. No comments!!! No recovery.!!!
All of them are there on panel to stock audit. I am deleted. Next year when I approached to the office I was told by officer that they do not want such Auditor giving qualified report!!!!
I appreciate the Reporting details as attached with this e mail and labor, intelligence , prepared and also with zeal supplied the same to other members.
Keep it up for professionals ,
Regards,
C A Shah D J
From: Sanjeev Bedi <sanjeevbedi2001@yahoo.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Saturday, 2 February 2013 4:24 AM
Subject: {Amresh's CA's} Re: Stock Audit Report Format - Bank of India
Dear Gopathy,
I wouldn't recommend anyone turn down a stock audit assignment just because the fee is a pittance. The general fee is Rs 1000/- per one crore of stock and book debts. Most of the time you can make a minimum of Rs 10000/-. PNB, SBI and other leading nationalized banks set a minimum stock audit fee of Rs 10000/-. The max is Rs 50000/- Sometimes you can also negotiate the fee with the borrower. The bank doesn't mind even if you charge the borrower more than the prescribed limits since they will be debiting the fee to the borrower's account.
When you go out to conduct a stock audit, you also have a chance to strike up a new relationship.
As long as I am respected and treated the way a professional should be treated, I wouldn't say no to an assignment just because the fee isn't what I'd quite like it to be.
Vanakkam,
Sanjeev Bedi
>
> Dear CA Shikha Agrawal
> To the best of our knowledge, BoI issues guidelines with one page executive summary only. No format is prescribed, as far as our knowledge goes. It is left to your professional acumen and intelligence to prepare the detailed report suiting the industry you are going to conduct the audit of.
> I am enclosing a few formats of stock audit/inspection reports of a few banks. Though some of these are available in public domain, I have deliberately deleted the names of the CAs as well as the borrowers, keeping in view of the "declaration of fidelity and secrecy"
> Now it is for you to make a MEGA / HYBRID stock audit report out of the various reports attached herewith.
> All the best.
> By the way do you think it is worth doing stock audits for three to five thousand rupees? I understand that of late the bank is paying pittance irrespective of the status of the borrower and size of the limits enjoyed.
> G. Padmanabhan
>
> --- On Thu, 1/31/13, caoffice2004 wrote:
>
> From: caoffice2004
> Subject: {Amresh's CA's} Stoc Audit Report Format - Bank of India
> To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
> Date: Thursday, January 31, 2013, 4:38 PM
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
>
> Â
>
>
>
>
>
>
>
>
>
> Dear Professional Freinds,
>
>
>
> Can anyone provide me soft copy of Stock Audit Report of Bank of India.
>
>
>
> Thanks in advance
>
>
>
> Shikha Agrawal
>
__._,_.___
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