Saturday, February 28, 2015

Re: [aaykarbhavan] Re: {Amresh's CA's} Bank audit-Limit Vs outstanding balance



Hi,
Connected issue is whether such events need to be reported in the Auditors' Report, whether as passing remarks OR observation only OR adverse report ?
Best Regards
CA Sudhir G Agrawal
Pune

"Dipakkumar Shah cadjshah@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:

 

Absolutely correct. Another Important aspect is to be seen is that the Branch is under concurrent audit or not? If yes , you should also see his/ their views in reporting this fact.
If ad hoc limit is granted under the power and authority then additional documents are taken or not , Limited Company , then charges are registered , additional security taken and many things more should be checked. 
Documentation may be changed due to the circumstances and the case to case.
There is no any prescribed medicine for all the time. One should professionally follow  the things. and all process.
God save us.
C A Shah D J 




On Saturday, February 28, 2015 7:55 AM, "pvrg2000@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:


 
During the audit when you come across outstanding balance exceeding the limit for certain period you will classify that account as out of order. The manager will rush to you and tell that there is an adhoc limit. In this circumstance you have to check the proposals submitted by the borrowers, appraisals, manager's power, banking norms to ensure that the adhoc limit is genuine. If not, the adhoc limit shall not be considered. More over in such cases, the DP shall also be checked.

Rajagopal
Chennai




__._,_.___
Posted by: CA Sudhir G Agrawal <casudhiragrawalindia@gmail.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at No comments:

[aaykarbhavan] Re: [Lucknow-Ca]- Presentation on recent Judgement in Direct taxes



Dear Shri Ashokji,
                               Very good collection and also analysis case and subject wise.
Keep it up.
Regards;
Shah D J 


On Saturday, February 28, 2015 2:48 AM, "'Ashok Seth' ashok.seth@gmail.com [lucknow-ca]" <lucknow-ca@yahoogroups.com> wrote:


 
 
 
Regards
 
CA Ashok Seth | C/o Seth & Associates | Chartered Accountants |
90- Pirpur Square | Lucknow 226001 U.P. India | Ph 0522-2288287, 2287931 (Office)
Ph 0522-2208104, 2208326 (Res) | Cell  9415014329
www.sethspro.com | as@sethspro.com | ashok.seth@gmail.com | seth.ashok@icai.org
 


From: Ishendra & Associates [mailto:ishendraassociates@yahoo.co.in]
Sent: 28 February 2015 10:39
To: ashok.seth@gmail.com
Subject: Regarding the presentation
 
Respected Sir,
 
Please share the yesterday's presentation at the seminar.
 
thanks
with regards
 
CA. Ishendra Pandey
                   LL.B., F.C.A.
 ISHENDRA & ASSOCIATES 
           Chartered Accountants
S - 211, IInd Floor, Ganj Plaza
42, Naval Kishore Road, Hazratganj
Lucknow - 226001
LL & F:+91-522-4064567
Cell: +91-9415461567




__._,_.___
Posted by: Dipakkumar Shah <cadjshah@yahoo.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at No comments:

[aaykarbhavan] Re: {Amresh's CA's} Bank audit-Limit Vs outstanding balance



Absolutely correct. Another Important aspect is to be seen is that the Branch is under concurrent audit or not? If yes , you should also see his/ their views in reporting this fact.
If ad hoc limit is granted under the power and authority then additional documents are taken or not , Limited Company , then charges are registered , additional security taken and many things more should be checked. 
Documentation may be changed due to the circumstances and the case to case.
There is no any prescribed medicine for all the time. One should professionally follow  the things. and all process.
God save us.
C A Shah D J 




On Saturday, February 28, 2015 7:55 AM, "pvrg2000@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:


 
During the audit when you come across outstanding balance exceeding the limit for certain period you will classify that account as out of order. The manager will rush to you and tell that there is an adhoc limit. In this circumstance you have to check the proposals submitted by the borrowers, appraisals, manager's power, banking norms to ensure that the adhoc limit is genuine. If not, the adhoc limit shall not be considered. More over in such cases, the DP shall also be checked.

Rajagopal
Chennai




__._,_.___
Posted by: Dipakkumar Shah <cadjshah@yahoo.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at No comments:

[aaykarbhavan] Re: [Lucknow-Ca]- Re: {Amresh's CA's} Re: {Amresh's CA's} Perform audit function -" ..................



Dear Shri Mukeshji,
                           I acknowledge your comments and endorse it fully. When you are talking about Concurrent audit I did one concurrent audit of one nationalized bank. I was attending regularly. Checking every aspect. In one company One charge was registers but it was duplicate and other charge was not removed!!!! In another Company  , one director MBA from IIM  Ahmedabad  was handling the company and representing as director of the Company !! In fact he was not Director of company !!! He was in fact removed from the Company by Resolution and on record of R O C. !! When asked about Balance Sheet only two pages were produced byn Him. Then I asked the Bank management to take inspection of records,then found as above!!! Balance Sheet was with Bank was in just two pages which was not correct and Audit Report only one page and accounts Balance Sheet in one page!!!! I was given by IIM MBA director that they had been supplied on this >>>!!! Being a MBA from IIM Ahmedabad!!!!!!
          For last 4 years no accounts were filed by Company. 
All was included in the Monthly report. No implementation of recommendation by Bank , Regional manager and also head office?
One day I wrote in my monthly report that if any recommendation is not to be accepted  by management, there is no purpose of Concurrent audit at all!!!
Any body would dare to report? Any body would hit axe on his own feet???!!!!
This is the spirit required in our profession. Genuinely should be reported. Not to take any action on the matter is left to them. 
All experiences are told earlier in the Groups  also.
One should do the work correctly and professionally at the Best . 
God bless us.
Shah D J 



On Saturday, February 28, 2015 8:50 AM, "'saranfca .' saranfca@gmail.com [lucknow-ca]" <lucknow-ca@yahoogroups.com> wrote:


 
CA Dipak ji

I second your comment "We are responsible for not doing proper Audit of Banks."  But who will tell this to ourselves. 

We all aware of the modus operandi of execution of "concurrent audit" in banks. When I got concurrent audit of one commercial bank I asked the fellow members "Kaise kar rahe ho. Mahine main kitne din visit karte ho?", who are doing the concurrent audit of same bank from last year(s) "ladke kar ate hain, mahine main 5-6 din jate hain, main to kabhi-kabhi jata hoon." As I don't have any such "ladka" in my firm I refused the assignment after 3 day visit to branch for which I have not charged a single penny from the Bank with the one of the remark "Present scale of remuneration and TA/DA do not fit in our cost benefit analysis. If we try to fit ourselves in cost frame we will not do justice to the audit work and if we try to do justice to audit work (100% checking and 20 days attendance criteria) our cost will go over and above the present  scale of fee and TA/DA." 

Similarly, in statutory audit of banks most of the member's fix their focus on "How to increase NPA of the branch which is reported by the branch" instead of fixing their focus on "Correct classification of Advances" according to latest IRAC norms and guidelines prescribed by RBI and applicable to particular bank. They also left other areas during statutory audit which should also get equal attention of auditor, like calculation of "Interest subsidy on Crop loans", "checking of various parameters in the system" etc. I could not understand why they say "due to lack of time we could not check anything else other than Advances."  This is no excuse. They should plan their audit and make the audit team accordingly so that no area will be left from checking. 

Statutory Bank Audit time once again fast approaching and we should all gear up ourselves to give a qualitative audit report this time to avoid remark "We are responsible for not doing proper Audit of Banks."  

with regards,
---
CA. Mukesh Saran
M.Com.,FCA, DISA(ICAI)
Lucknow
09415465330
saranfca@gmail.com || saranfca@icai.org 
I believe in three "H"s of life - Humour, Hard work and Honesty

On Sat, Feb 28, 2015 at 5:50 AM, Dipakkumar Shah cadjshah@yahoo.com [lucknow-ca] <lucknow-ca@yahoogroups.com> wrote:


Good self comments. We are responsible for not doing proper Audit of Banks.
Some time back I had given my own experience of End use of Fund by bank. In short let me tell you. Along with me there were more than 10 C A Firms of Ahmedabad doing same work of the Bank with different units. All other than me reported NIL qualification. Every thing fine and correct!!!!
                        Mine was very difficult task . I reported over drawing the limit , penal interest of Rs 135000 / more than my fees paid. Some of the machinery were included in stock statement???!!! 
                         All other were there inn next year. When I inquired about my case , the officer of the Bank told me on face and bluntly that Bank do not require my services!!!!!!

This is also other side. But I would say that come what may , you should do your duties diligently and fully. 
CAShah D J 
 




On Wednesday, February 25, 2015 11:35 PM, "pvrg2000@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:


 
If all of us do an effective audit of banks, the banks will appoint few CA firms like LIC to do central and branch audits and done away with the headache of appointing many CAs in all over Country. It will come soon. 

Tell me which auditor firm had come out with serious qualification in bank and PSB audits? We are not doing the proper audit so every one is treating us like peanuts

Failure of large borrowers coming out because the stress in this accounts were not looked by all audits in time and halted the quantum of failure











__._,_.___
Posted by: Dipakkumar Shah <cadjshah@yahoo.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at No comments:

[aaykarbhavan] Fw: Ca Next Step Newsletter (28/02/2015)





On Saturday, 28 February 2015 6:05 PM, Ca Next Step <donotreply@canextstep.com> wrote:



CA NEXT STEP
TAKE THE NEXT STEP TOWARDS SUCCESS
Home | AUDIT | INCOME TAX | CORPORATE LAW | VAT | EXCISE | SERVICE TAX | FINANCE | STUDENT | OTHER

Articles

Forums

Shared Files
CA NEXT STEP
CA NEXT STEP
Quick Register now on our website www.canextstep.com and get regular Newsletter in your e mail.
Please add donotreply@canextstep.net to your address book in order to receive this mail directly to your inbox. You received this mail because you subscribed to canextstep newsletter.
Facebook   twitter   RSS
About | Terms & Conditions | Disclaimer | Privacy Policy | FAQ | Contact Us
© 2012 Ca Next Step. Powered By Elsner.com




__._,_.___
Posted by: CA Arpit Shah <shaharpitca@yahoo.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at No comments:

Re: [aaykarbhavan] Union Bank of India empanelment Form and details. Sorry , There are more than 200 mails pending to be sent. Due to Yahoo Problem I could not send,



Query was related to "UNITED BANK OF INDIA" and not "UNION BANK OF INDIA".
 
With Warm Regards

CA. Vikas Pancholi
Chartered Accountant
102, Sai-Anand Complex,
B/s. S.B.I., Godha Street,
Timaliawad, Nanpura,
Surat - 395001 (Gujarat)
Phone-(0261) 2461641, 3995149
Tele Fax - (0261) - 2461648


On Saturday, 28 February 2015 12:08 AM, "Dipakkumar Shah cadjshah@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
Thanks for drawing attention. Keep updating and also as a critic in this group. New forms and details are attached.
Once again I have sent it.
PFA.
Regards,
Shah D J 


On Friday, February 27, 2015 12:52 AM, "SOUMYA JYOTI mitra sjmrng29@yahoo.co.in [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 
please check the Date of Submission , it is 24.05.2014 upto 2.00 p.m. , date already expired, .


On Friday, 27 February 2015 10:19 AM, "Dipakkumar Shah cadjshah@yahoo.com [aaykarbhavan]" <aaykarbhavan@yahoogroups.com> wrote:


 



Empanelment with United Bank of India for Concurrent & Revenue Audit

Posted In CA CS ICWA | News | No Comments » Print Friendly and PDF
(Notice for Empanelment of CA firms for Concurrent Audit, Information System Audit and Revenue Audit along with format of Application form)
1.   United Bank of India invites application on the undernoted prescribed format from practicing firms of Chartered Accountants in India who fulfills the eligibility criteria as mentioned here under and are willing to have their firms empanelled as Concurrent Auditor, Information System Auditor and Revenue Auditor in the Bank and for conducting Concurrent Audit, Information System Audit and Revenue Audit of branches.
2.   The Bio-data should be submitted in the prescribed format enclosed herewith only to the General Manager, Audit & Inspection Department, United Bank of India, Head Office,15th floor, United Tower, 11, Hemanta Basu Sarani, Kolkata-700001 only by Postal service / Courier / by hand.
3."Application for Empanelment for Concurrent Audit, Information System Audit and Revenue Audit" should be mentioned on the envelope carrying Bio-data.
4.   Applying CA Firms must submit along with application, the copy of the Partnership Deed and copy of constitution certificate issued by ICAI certifying the constitution of the firm, their branches & date from which it is continuing as a Partnership firm (latest).
5.   Incomplete application or application without requisite enclosures will not be entertained.
6.    Mere submission of application does not, in any way, constitute guarantee for empanelment / allotment of the audit job of any nature from the bank. The empanelment and allocation of the branches to the auditors will be purely the prerogative of the Bank.
7.   The CA firms earlier empanelled with the bank for above purpose prior to this notification are also to submit their applications as our entire previous empanelment stand cancelled. The eligibility criteria for such empanelment of CA firm with the Bank are as under:
1.   The firm shall be on RBI panel with gradation based on the size of the branch.
2.   The firm shall have experience of Concurrent Audit/ Statutory Audit of minimum three other Banks.
3.   The firm having DISA (ICAI)/ CISA (IASCA) qualified chartered accountants and/or having completed certified course on Concurrent A udit from ICAI will be preferred.
4.   For North Eastern States, chartered accountants may be empanelled having no experience of Bank Audit but should be doing practice for at least 5 years.
5.   For Branches located in hardship/difficult areas other than in North Eastern States, firms having experience of Concurrent Audit / Statutory Audit of at least one Bank may be empanelled.
6.   For assignment of Concurrent Audit the firm should preferably be a Partnership firm.
The CA firms fulfilling above criteria as applicable to them and narrated under para-1 to para-6 are requested to submit duly filled up application form downloaded from Bank's Website along with copies of relevant certificates/ documents to General Manager, Audit & Inspection Department, United Bank of India, Head Office, United Tower, 11, Hemanta Basu Sarani, Kolkata-700001 latest by 24.05.2014 upto 2.00 p.m.









__._,_.___
Posted by: Vikas Pancholi <vppancholi@yahoo.com>


receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com




__,_._,___
Posted by at No comments:
Subscribe to: Posts (Atom)