How do you audit branches?
As per Section 143(8): Where a company has one or more branch office, the accounts of that office/offices shall be audited either by the company’s auditor himself or by any other person, who is qualified to be appointed as an auditor as per the provisions of the Act to act as branch auditor according to section 139 of …
What is MOC bank audit?
Memorandum of Changes (MOC) Memorandum of Changes more often referred to as MOC is an important document enclosed with the Bank Audit Report whenever the Auditor observes significant issues effecting the Financial Statements of the Bank. Because Financial Statements of the Bank are prepared on Real Time Basis.
What are the audit program process?
An audit program, also called an audit plan, is an action plan that documents what procedures an auditor will follow to validate that an organization is in conformance with compliance regulations. The framework should explain the audit’s objectives, its scope and its timeline.
What is branch auditing?
Branch Audit is an official inspection of an Organisation, Entity, or Company Branch. Branch Audit helps organisations to keep clear records and maintain proper books. As per the Act passed in 2013, every company has to maintain the books of accounts and other relevant documents of its Branch.
Who can be appointed as a branch auditor?
Section 141 (1) & (2) of the Act prescribed the following eligibility and qualifications of auditor which are as under:- i. . Only a Chartered Accountant (individual) or a firm where majority of partners practicing in India are Chartered Accountants can be appointed as auditor.
Who performs operational audits?
internal audit staff
Operational audits are usually conducted by the internal audit staff, though specialists can be hired to conduct reviews in their areas of expertise. The primary users of the audit recommendations are the management team, and especially the managers of those areas that have been reviewed.
Who prepare the audit program?
Thus, an audit programme is prepared by an auditor as per the scope of the work.
What is bank branch audit?
Statutory Audit is an audit which is prescribed by the different statute like Reserve Bank of India, Income Tax, Companies Act, etc. Every year after the end of the previous financial year, in every branch of the banks, a very rigorous audit is conducted.
How can I get bank branch audit?
Banks will be required to clearly advise the selected audit firms that each audit firm can take up audit assignment (branch audit) in one PSB only. The audit firm should give its consent in writing for consideration of appointment in the bank concerned for the particular year and the subsequent continuing years.
What is audit plan and program?
Audit Plan. Audit Programme. Meaning. Audit plan refers to the strategies or guidelines which are followed by the auditor for conducting audit. Audit programme is the list of steps, that are to be followed by audit staff to obtain sufficient audit evidence.
What are the two types of audit programs?
There are two main types of audit programs:
- Fixed Audit Program.
- Flexible Audit Program.