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
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