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Author: Anil K.Saxena
Publisher: Taxmann Publications Private Limited
ISBN: 9356227306
Category : Law
Languages : en
Pages : 41
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Book Description
This book is a practical & sequential guide for Bank Auditors for on-field issues. It guides the readers through the entire process of bank audits, supplemented with audit checklists. The objective of this book is to be solution-oriented to the practical pain points of the audit team. This book will be helpful for Statutory auditors of bank branches, bankers, articled assistants, etc. The Present Publication is the 6th Edition and has been amended upto 25th February 2023. This book is authored by CA Anil K. Saxena, with the following noteworthy features: • [Audit Check Lists & Procedures based on Authors' Experience] of over four decades to ensure that even a first-timer could efficiently carry out and document any banking assignment with ease together with complying with the relevant 'technical standards' • [Practical Tips, Documentation Guidelines & Easy to Use Templates] are provided in this book • [Practical Overview for Identification/Provisioning of NPAs] that will help audit teams take care of the most important aspect of any bank branch audit is given in this book • [Guidance on Agriculture Loans with Practical Templates] has been included in this book • [FAQs Based on Actual Practical Issues] covering the entire gamut of Branch Audits, are included in this book • [Complete Guidance on Finacle Transactions Codes] are included in this book • [Practical Examples for Complex Audit Procedures] has been included in this book to help audit teams execute and understand the audit procedures • [Regulatory Changes Made During the Year] has been incorporated to ensure that the audit teams are updated with the latest regulations • [Comprehensive Guidance] covering the following points: o Audit Report o Long Form Audit Report (LFAR) o Certification on ALM, Ghosh & Jilani Committee Recommendations o Stock Audits The structure of the book is as follows: • The Book has 19 Steps covering various stages of a bank branch audit • The book has 12 Appendix containing 11 templates which audit teams can use during their audits, including a comprehensive 'Audit Programme' and also a 'Pre Sign Off Checklist' • Footnotes at the end of each Audit Step containing important information are marked for the benefit of the readers • Footnotes at the end of each Audit Step containing important documentation advisory are also marked for the benefit of the readers • Each step has been named and styled in a manner which would help the audit teams to understand the content, thereof • Step 1 is styled as 'Appointment Letter Received – What Next? This guides the audit teams as to what they need to do after receiving the appointment letter • Steps 2 and Steps 3 not only discuss the importance of planning for the bank branch audit, but also give practical guidance along with necessary templates for execution and documentation • Step 4 takes the practical guidance to the readers a step ahead by asking Reached the Branch – What do I do? This step discusses exactly what members need to do on reaching the branch • All other steps in the book are similarly structured to help readers and audit teams not only understand the methodology but also execute the entire assignment with ease and perfection The contents of the book are as follows: • Step 1 – Appointment letter Received – What next? • Step 2 – Your backbone – Strong Planning • Step 3 – Back Office – Start Preparing • Step 4 – Reached the Branch – What do I do? • Step 5 – Balance Sheet Review • Step 6 – Statement of Profit & Loss • Step 7 – Identification of NPAs | A Practical Overview • Step 8 – Non-Performing Advances | Assessment of Provisions • Step 9 – Advances | Resolution of Stressed Assets • Step 10 – Advances | Restructuring Demystified • Step 11 – Frequently Asked Questions (FAQs) • Step 12 – Important Regulatory Changes during the year | RBI Circulars Summary and Highlights • Step 13 – Housing Loans • Step 14 – Audit of Agricultural Advances | Made Easy!! • Step 15 – Restructuring – Natural Calamities • Step 16 – IS Audit – Finacle | Guidance • Step 17 – Miscellaneous Guidance on Other Matters • Step 18 – Stock Audits: Guidance • Step 19 – Asset Classification: Summary of RBI Guidelines
Author: Anil K.Saxena
Publisher: Taxmann Publications Private Limited
ISBN: 9356227306
Category : Law
Languages : en
Pages : 41
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Book Description
This book is a practical & sequential guide for Bank Auditors for on-field issues. It guides the readers through the entire process of bank audits, supplemented with audit checklists. The objective of this book is to be solution-oriented to the practical pain points of the audit team. This book will be helpful for Statutory auditors of bank branches, bankers, articled assistants, etc. The Present Publication is the 6th Edition and has been amended upto 25th February 2023. This book is authored by CA Anil K. Saxena, with the following noteworthy features: • [Audit Check Lists & Procedures based on Authors' Experience] of over four decades to ensure that even a first-timer could efficiently carry out and document any banking assignment with ease together with complying with the relevant 'technical standards' • [Practical Tips, Documentation Guidelines & Easy to Use Templates] are provided in this book • [Practical Overview for Identification/Provisioning of NPAs] that will help audit teams take care of the most important aspect of any bank branch audit is given in this book • [Guidance on Agriculture Loans with Practical Templates] has been included in this book • [FAQs Based on Actual Practical Issues] covering the entire gamut of Branch Audits, are included in this book • [Complete Guidance on Finacle Transactions Codes] are included in this book • [Practical Examples for Complex Audit Procedures] has been included in this book to help audit teams execute and understand the audit procedures • [Regulatory Changes Made During the Year] has been incorporated to ensure that the audit teams are updated with the latest regulations • [Comprehensive Guidance] covering the following points: o Audit Report o Long Form Audit Report (LFAR) o Certification on ALM, Ghosh & Jilani Committee Recommendations o Stock Audits The structure of the book is as follows: • The Book has 19 Steps covering various stages of a bank branch audit • The book has 12 Appendix containing 11 templates which audit teams can use during their audits, including a comprehensive 'Audit Programme' and also a 'Pre Sign Off Checklist' • Footnotes at the end of each Audit Step containing important information are marked for the benefit of the readers • Footnotes at the end of each Audit Step containing important documentation advisory are also marked for the benefit of the readers • Each step has been named and styled in a manner which would help the audit teams to understand the content, thereof • Step 1 is styled as 'Appointment Letter Received – What Next? This guides the audit teams as to what they need to do after receiving the appointment letter • Steps 2 and Steps 3 not only discuss the importance of planning for the bank branch audit, but also give practical guidance along with necessary templates for execution and documentation • Step 4 takes the practical guidance to the readers a step ahead by asking Reached the Branch – What do I do? This step discusses exactly what members need to do on reaching the branch • All other steps in the book are similarly structured to help readers and audit teams not only understand the methodology but also execute the entire assignment with ease and perfection The contents of the book are as follows: • Step 1 – Appointment letter Received – What next? • Step 2 – Your backbone – Strong Planning • Step 3 – Back Office – Start Preparing • Step 4 – Reached the Branch – What do I do? • Step 5 – Balance Sheet Review • Step 6 – Statement of Profit & Loss • Step 7 – Identification of NPAs | A Practical Overview • Step 8 – Non-Performing Advances | Assessment of Provisions • Step 9 – Advances | Resolution of Stressed Assets • Step 10 – Advances | Restructuring Demystified • Step 11 – Frequently Asked Questions (FAQs) • Step 12 – Important Regulatory Changes during the year | RBI Circulars Summary and Highlights • Step 13 – Housing Loans • Step 14 – Audit of Agricultural Advances | Made Easy!! • Step 15 – Restructuring – Natural Calamities • Step 16 – IS Audit – Finacle | Guidance • Step 17 – Miscellaneous Guidance on Other Matters • Step 18 – Stock Audits: Guidance • Step 19 – Asset Classification: Summary of RBI Guidelines
Author: Indian Institute of Banking & Finance
Publisher: Taxmann Publications Private Limited
ISBN: 935778599X
Category : Law
Languages : en
Pages : 17
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Book Description
The Bankers' Handbook on Auditing was developed to address the most important aspects of bank auditing. It underscores the interlinkage and importance of an organisation's robust accounting and auditing systems. The focus area of this handbook revolves around the following: • Introduction & Types of Audit • Internal Audit • Audit in a Computerised Environment • Audit Aspects of Financial Statements of Banks This book aligns with regulatory compliance and operational efficiency, especially in bank accounting and audit functions. The current edition has also been updated based on banking experts and internal faculty feedback, focusing on practicality and current digital trends. The Present Publication is the 2024 Edition, updated by Mr Sampath Kumar K S, CA (Former Deputy General Manager – Indian Overseas Bank) and vetted by Mr Anil B Rane, B.Com. & LLB (Former General Manager – Bank of India). Taxmann exclusively publishes this book for the Indian Institute of Banking and Finance with the following coverage: • Introduction & Types of Audit – This section provides an overview of the evolution, definition, and importance of auditing, exploring various audit types along with their scope, objectives, and limitations. It distinguishes between auditing, accounting, and investigation, laying a foundational understanding for readers • Bank Audit & Types – Focusing on the banking sector, this part delves into the significance of risk-based internal audits and provides a detailed examination of different types of bank audits, including concurrent, internal, and statutory audits • Risk-Based Supervision (RBS) – The book examines the objectives, focus, and reasons for adopting Risk-Based Supervision in banking. It discusses supervisory tools, the SPARC framework, and provides insights into the Risk Discovery Process and the IRISc Model • Internal Audit's Role in Governance – This section traces the evolution and the multifaceted roles of internal audit, emphasising its crucial role in corporate governance • Risk-Based Internal Audit in Banks – Here, the book explains the concept of risk-based auditing and its practical implementation in banks, including guidelines, standards, and ethics set by the RBI and MOF • Risk-Based Internal Audit Procedures – Offering an in-depth look at internal audit processes, this part focuses on audit prioritisation, reporting, and strategies for tackling auditing challenges • Risk Management – It defines and discusses the relationship between internal auditing and risk management, covering the architecture of risk management and the auditor's role in this context • Data Analytics and Continuous Controls Monitoring – The section highlights the use of data analytics in business and audit decisions and outlines the techniques and benefits of continuous controls monitoring and auditing • Audit in Computerised Information System (CIS) Environment – This part provides an understanding of the CIS environment and its impact on auditing, including an examination of auditing standards and approaches relevant to CIS • Audit in a Computerised Environment – An analysis of how computer systems affect internal control, along with a review of RBI guidelines for IS audit and risk management in such environments • Audit Aspects of Advances – The book examines advances reflected in balance sheets, including audit procedures and coverage of agricultural advances, NPA norms, and loan document reviews • Audit Aspects of Financial Statements | Assets Side – An overview of disclosure requirements and balance sheet analysis, focusing on assets like fixed assets and other assets, along with their audit procedures • Audit Aspects of Capital, Reserves, Borrowings, & Deposits – This part presents a detailed analysis of capital, reserves, and surplus in financial statements, including audit approaches and procedures for borrowings and deposits • Audit Aspects of Other Liabilities & Provisions – Examination of other liabilities, provisions, and contingent liabilities, along with a review of bills for collection and associated audit approaches • Audit Aspect of Treasury Operations – Insights into treasury operations, including forex and derivative transactions, and an understanding of investments, CRR, SLR requirements, and audit procedures • Audit Aspects of Profit and Loss Account – This section covers the preparation and disclosure in the profit and loss account, detailing audit procedures for income and expenditure • Disclosure Requirements in Financial Statements – Highlights the importance and classification of disclosures in financial statements and the requirements of statutes and listing agreements • Audit Aspects of Consolidation of Branch Accounts – Discusses the process and approach to the consolidation of financial statements at various levels, including overseas branches • Audit Aspects of Consolidation of Financial Statements – Guidelines on consolidated accounting and supervision, and components and audit procedures for consolidated financial statements • Audit Aspect of Inter-Office Transactions – An overview of major transactions and errors in inter-branch transactions, along with audit approaches and procedures for these transactions • Long Form Audit Report of Bank Branches – Definition, purpose, and steps in dealing with LFAR, including guidelines and important aspects for branch statutory auditors • Long Form Audit Report of Head Office – Coverage and audit aspects of LFAR at the head office level, including the implementation of committee and RBI recommendations • Basel III Regulations and Disclosures – An overview of Basel III norms and the disclosure framework, along with the role of auditors in ensuring compliance with these regulations • Database Security Audit – Exploration of database security and audit principles, focusing on audit techniques, security authentication, and audit trails • Remote Auditing – Understanding remote auditing, its advantages, limitations, and ISO guidelines, along with RBI/ICAI guidelines on remote auditing The detailed contents of this book are as follows: • Module A – Introduction and Types of Audit o Introduction to Auditing and Types of Audit o Bank Audit and Various Types of Audit in Banks o Risk-Based Supervision – A New Approach • Module B – Internal Audit o Internal Audit – Role in Overall Governance o Risk-based Internal Audit in Banks o Risk-Based Internal Audit Procedures o Risk Management o Data Analytics and Continuous Controls Monitoring • Module C – Audit in Computerised Environment o Audit in Computerised Information System (CIS) Environment – An Introduction o Audit in a Computerised Environment • Module D – Audit Aspects of Financial Statements of Banks o Audit Aspects of Advances o Audit Aspects of Bank's Financial Statements – Assets Side (Other than Advances) o Audit Aspects of Capital, Reserves & Surplus and Borrowings & Deposits o Audit Aspects of Other Liabilities & Provisions and Contingent Liabilities o Audit Aspect of Treasury Operations – Forex & Derivative Transactions o Audit Aspects of Profit and Loss Account o Disclosure Requirements in Financial Statements o Audit Aspects of Consolidation of Branch Accounts o Audit Aspects of Consolidation of Financial Statements o Audit Aspect of Inter-Office Transactions o Long Form Audit Report of Bank Branches o Long Form Audit Report of Head Office/Central Office o Basel III Regulations and Disclosures o Database Security Audit o Remote Auditing
Author: Tara Prasad Misra
Publisher: Taxmann Publications Private Limited
ISBN: 9357784357
Category : Law
Languages : en
Pages : 24
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Book Description
This book illustrates the intricate nature of managing a bank branch, recognizing it as a multi-tasking, challenging role requiring a broad spectrum of knowledge and skills in banking. It emphasizes the criticality of the branch manager position, noting their responsibility for personal performance and that of their team. This book gives a strategic direction to the branch heads for inculcating the habit of keeping themselves abreast of the latest happenings in the Banks and reskilling, upskilling their banking acumen in terms of guidelines, Policies and practices. This book aims to be a one-stop reference material, helpful in understanding various areas in Branch Banking for existing branch heads and the officials newly assigned to the role of Branch Head. It will also be beneficial to officials who are in the process of being groomed for such assignments. The Present Publication is the Latest Edition and has been amended upto October 2023. This book is authored by Shri Tara Prasad Misra (Former Principal, Baroda Apex Academy, Bank of Baroda) with the following noteworthy features: • [Outlining Key Responsibilities of Branch Manager] including: o Operational Controls o Asset Health o CASA Growth o Marketing o Compliance o Staffing o Customer Service o Team Building, etc. • [Branch Manager's Impact] It describes the Branch Manager's role in driving the business and shaping the bank branch's destiny through effective team leadership • [Competitive Advantage for Branch Managers] It links managerial effectiveness with the competitive edge in the banking industry, advocating for new skills and perspectives for managers • [Exhaustive Coverage] This book covers critical aspects of branch management such as: o Operational Efficiency o Marketing Strategy o Customer Service o Management Skills o Credit Management o Vigilance o Audit o Compliance • [Practical Application] It integrates the author's real-life experiences to provide a realistic view of the Branch Manager's responsibilities • [Resource-Rich Contents] This book also compiles banks' policies, guidelines, practices, and regulatory information into a valuable reference guide • [Authors' Experience] This book leverages the author's four-decade banking experience to ensure thorough and informed content The detailed contents of the book are as follows: • Understand the Branch and Roles & Responsibilities of a Branch Manager o Towards New Journey as Branch Manager o Competency Framework for Branch Manager o Qualities of a Successful Branch Manager o Compilation of Best Practices for a Branch Manager o Transforming the Branch to Branch of the Future – Role of the Branch Manager • Enhancing Operational Efficiency in Bank Branches o Business Growth through Service Excellence o Customer Retention and Service Recovery Strategies in Bank Branches o Strategies for Turnaround of Loss-Making Bank Branches • Marketing Strategy at Bank Branches o Branch Marketing and Strategies for Business Development o Customer-Centric Sales in Bank Branch – Best Practices o Digital Marketing – A Step Forward • Customer Service o Customer Grievances Redressal Mechanism in Banks • Branch Management Skills o Effective Communication Skills for Branch Managers o Effective Negotiation Skills for Branch Managers o Art of Giving and Receiving Feedback o Mentoring – An Essential Skill for Branch Managers o Conflict Resolution Skills for Managers o Effective Time Management Skills for Managers • Products & Procedures o Retail Lending – A Corporate Strategy for Deploying Funds o Digital Banking Services at Bank Branch o NRI Product and Services • Credit Management o Concepts and Guidelines for Credit Management o Evaluation of Borrower's Creditworthiness o Key Principles of Sound Lending o Types of Borrowal Accounts o Types of Account Holders o Credit Appraisal Care at Bank Branch o Introduction to Financial Statement Analysis o Ratio Analysis o Working Capital Finance o Term Loan/Project Appraisal o Documentation and Creation of Charges o Importance of Credit Rating o Due Diligence in Takeover of Borrowal Account o Lending Strategies to Priority Sector in Bank o MSME Finance – Importance, Advantages, Issues and Challenges Ahead o Major Schemes of MSMEs o Financing Self-Help Groups (SHG)/Joint Liability Group (JLG) • Credit Monitoring & Recovery o Effect of Credit Governance on Asset Quality o Tools and Techniques of Credit Monitoring o Professional Approach in Asset Management – Roles & Responsibilities of the Manager o Recovery of NPA in Bank – An Approach in Present Scenario • Preventive Vigilance & Fraud Risk Management o Measures for Preventing Fraud in Banking Operations o Preventive Vigilance in Retail Loans o Cyber Security in Banks – Importance, Threats, and Challenges o RBI Framework on Cyber Security o Precaution to Avoid Frauds in the CBS Environment o Revenue Leakages – Common Causes and Control Mechanism at the Bank Branches • Audit, Inspection & Compliance Measures at Branches o Types of Audits in Bank o Risk-based Internal Audit Mechanism in Bank Branches o Compliance and Closure of Inspection Reports at the Branch o Compliance Norms for Bank Branches
Author: Lawrence Robert Dicksee
Publisher:
ISBN:
Category : Auditing
Languages : en
Pages : 838
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Book Description
Author: BN Tandon et al.
Publisher: S. Chand Publishing
ISBN: 9788121920414
Category : Business & Economics
Languages : en
Pages : 680
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Book Description
For the students of B.Com., M.Com, Professional Course of C.A., C.S., I.C.W.A. and Professionals of Financial Institutions.
Author: AICPA
Publisher: John Wiley & Sons
ISBN: 1119679117
Category : Business & Economics
Languages : en
Pages : 886
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Book Description
The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Topics covered include: Transfers and servicing; Troubled debt restructurings; Financing receivables and the allowance for loan losses; and, Fair value accounting This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. The financial services industry is undergoing significant change. This has added challenges for institutions assessing their operations and internal controls for regulatory considerations. Updated for 2019, this industry standard resource offers comprehensive, reliable accounting implementation guidance for preparers. It offers clear and practical guidance of audit and accounting issues, and in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Topics covered include: Transfers and servicing; Troubled debt restructurings; Financing receivables and the allowance for loan losses; and, Fair value accounting This guide also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters.
Author: AICPA
Publisher: John Wiley & Sons
ISBN: 1119473381
Category : Business & Economics
Languages : en
Pages : 859
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Book Description
The 2017 edition of this industry standard resource offers clear and practical guidance of audit and accounting issues such as transfers and servicing, troubled debt restructurings, financing receivables and the allowance for loan losses, and fair value accounting. It also provides direction for institutions assessing their operations and internal controls for regulatory considerations as well as discussions on existing regulatory reporting matters. Updates include: SAS No. 132, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern SSAE No. 18, Attestation Standards: Clarification and Recodification Note: FASB ASU No. 2016-13 will have a significant impact on the guide; however, incorporation of guidance will not occur until the 2018 or 2019 edition of the guide.
Author: Gyan B Pipara
Publisher: Taxmann Publications Private Limited
ISBN: 9357785809
Category : Law
Languages : en
Pages : 14
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Book Description
This book aims to explain how to read, analyse, and interlink the voluminous information available in financial statements using charts, case analysis, and other tools. It provides an in-depth, step-by-step approach to understanding and decoding financial statements. The book is structured around five keys, each focusing on different components of financial statements. • Key #1 – Statement of Profit & Loss o Covers Sales, Other Income, Cost of Materials Consumed, Manufacturing and Operating Costs, Finance Costs, Depreciation and Amortisation, Tax Expenses, Other Expenses, and Exceptional Items • Key #2 – Balance Sheet o Details Tangible and Intangible Fixed Assets, Investments, Loans & Advances, Other Assets, Inventories, Trade Receivables, Cash and Bank Balances, Shareholder's Funds, Provisions, Contingent Liabilities, Borrowings, Trade Payables, and Other Liabilities • Key #3 – Connecting Statements o Examines Significant Accounting Policies, Notes on Accounts, and Cash Flow Statements • Key #4 – Auditor's Report and CARO o Discusses the Concept of Audit, Internal Financial Controls, Auditor's Opinion, Emphasis of Matters, and the Companies Auditor's Report Order (CARO) • Key #5 – Master Key o Integrates the Profit & Loss Statement, Balance Sheet, Notes on Accounts, Auditor's Report, and CARO Report for comprehensive financial statement analysis This book extensively deals with the following issues & suggests how they can be mitigated through proper analysis of financial statements: • Mounting Bad Loans – Analyses the alarming rise in non-performing assets (NPAs) in Indian public sector banks and the impact of stress tests conducted by the Reserve Bank of India (RBI) • Bank Frauds – Explores the root causes of bank frauds and provides strategies to mitigate these risks • Liquidity Crunch – Discusses the liquidity issues faced by various financial sectors and their effects on investment returns • Regulatory Insights – Guides regulators on using financial statements to ensure compliance and assess financial health This book will be helpful to anyone analysing based on financial statements, including but not limited to: • Bankers – Enhance skills in loan appraisal and monitoring through detailed financial statement analysis • CFOs – Understand the balance between business transactions and necessary disclosures • Auditors – Identify and counteract accounting tricks to ensure fair financial reporting • Analysts and Researchers – Conduct thorough financial statement studies to detect misleading practices • Investors and Stakeholders – Evaluate the genuineness of financial data for informed investment decisions • Regulators – Use financial information for regulatory assessments and ensure compliance The Present Publication is the 4th Reprint Edition authored by Gyan B. Pipara, with the following noteworthy features: • [Reading Between the Lines of Financial Statements] Correlating relevant information using the author's 40+ years of experience with proper analysis. • [Honing Analytical Skills] Provides methods to dissect financial statements with precision. • [Unlocking Mysteries & Tricks] Explains how to analyse details and detect undisclosed information. • [Focused Analysis] Helps identify strengths, early warning signs, frauds, creative accounting, and the genuineness of various items. • [Professional Oriented Book] This book has been developed keeping in mind the following factors: o Interaction of the author during his training with various banks and organisations on credit and analysis of the financial statement o Shaped by the authors' experience of 40+ years being a chartered accountant, research analyst and fraud investigator o Reactions and responses of attendees during the training have also been incorporated at different places in the book • [New Chapter on CARO 2020] has been considered in detail under Key #4 – The Companies Auditor's Report Order The structure of the book is as follows: • What is it? o Explains the nature of the item for more accessible analysis • Do You Know? o Highlights important legal requirements under the Companies Act, Indian Accounting Standards, or other laws • Why is it Important? o Discusses the relevance of the item for financial statement analysis • How to Analyse to Unlock? o Provides a step-by-step approach for item analysis • Case Analysis o Uses real-life examples to illustrate key points and explain issues • Bottom Line o Summarise the key insights of the chapter The detailed contents of the book are as follows: • Statement of Profit & Loss o Revenue from Operations § This chapter discusses the revenue generated from core business operations, providing insights into how businesses earn from their primary activities. It includes detailed charts that illustrate revenue trends and performance metrics. § Case studies offer real-world examples of how companies manage and report operational revenues, highlighting best practices and common challenges. o Other Income § This chapter covers the income derived from secondary sources such as interest, dividends, and other non-operating income. This section thoroughly analyses various types of other income, how they are generated, and their impact on overall financial performance. § Charts help visualise the contribution of other income to the total income, while case studies demonstrate the accounting treatment and strategic importance of such income. o Cost of Materials Consumed and Purchases of Traded Goods § This chapter focuses on the costs associated with raw materials and traded goods. This section explains the direct costs that impact the cost of goods sold and, consequently, the business's profitability. § Charts and diagrams illustrate cost structures and trends, while case studies provide insights into effective cost management strategies. o Manufacturing and Operating Cost § This chapter explores the costs involved in the manufacturing process and other operational expenses. Detailed explanations cover labour costs, overheads, and other operational expenditures. § Charts help understand these costs' distribution, and case studies show real-life examples of cost optimisation and control measures. o Finance Cost § This chapter discusses the cost of financing the operations, including interest expenses on loans and borrowings. This section provides insights into different types of finance costs, their calculation, and their impact on financial health. § Charts illustrate interest rate trends and financing structures, while case studies highlight the strategic decisions related to financing. o Depreciation § This chapter provides a detailed look at depreciation, explaining how assets lose value over time and its impact on financial statements. This section covers various methods of depreciation, their application, and implications for financial reporting. § Charts show depreciation schedules and case studies illustrate the practical application of different depreciation methods. o Tax Expense § This chapter covers the calculation and reporting of tax expenses, which is essential for compliance and financial planning. This section explains different types of taxes, tax liabilities, and their treatment in financial statements. § Charts and graphs help visualise tax expenses, and case studies provide tax planning and management examples. o Other Expenses § This chapter examines miscellaneous expenses not classified elsewhere, offering insights into effectively managing and reporting these costs. This section provides a comprehensive overview of other expenses, their nature, and their impact on financial statements. Charts help categorise these expenses, and practical examples illustrate their management. o Exceptional Items, Extraordinary Items, and Prior Period Items § This chapter discusses unusual or non-recurring items that can significantly impact financial results. This section explains the identification, accounting treatment, and disclosure of exceptional, extraordinary, and prior period items. § Case studies highlight real-life scenarios where these items have been critical in financial reporting. • Balance Sheet o Property, Plant and Equipment – Tangible § This chapter focuses on tangible fixed assets, their valuation, and depreciation. This section explains how tangible assets are recorded, valued, and depreciated over time. Charts illustrate asset valuation and depreciation schedules, while case studies provide practical asset management and accounting examples. o Fixed Assets – Intangible § This chapter covers intangible assets such as patents and trademarks, valuation, and amortisation. This section explains the unique characteristics of intangible assets, how they are accounted for, and their impact on financial statements. § Case studies illustrate real-world scenarios of managing and valuing intangible assets. o Investments § This chapter examines different types of investments, their valuation, and their impact on financial health. This section thoroughly analyses investment types, their accounting treatment, and strategic importance. § Charts and graphs help visualise investment portfolios, and case studies demonstrate the practical application of investment management principles. o Loans & Advances § This chapter discusses loans and advances provided by the company, their accounting treatment, and implications for financial statements. This section covers various types of loans and advances, their terms, and their financial impact. § Charts illustrate loan structures and repayment schedules, while case studies provide insights into the effective management of loans and advances. o Other Assets § This chapter covers other assets not classified under specific headings, explaining their valuation and reporting. This section provides a comprehensive overview of miscellaneous assets, their nature, and impact on financial statements. § Charts help categorise these assets, and practical examples illustrate their management. o Inventories and Trade Receivables § This chapter focuses on inventory management and trade receivables, which are essential for understanding working capital management. This section explains the accounting treatment of inventories and trade receivables, their valuation, and their impact on liquidity. § Charts and graphs illustrate inventory levels and receivables ageing, while case studies provide practical insights into effectively managing these critical assets. o Cash, Cash Equivalent, and Bank Balances § This chapter discusses managing and reporting cash, cash equivalents, and bank balances. This section covers various aspects of cash management, including cash flow, liquidity, and financial stability. § Charts help visualise cash flow patterns, and case studies demonstrate best practices in cash management. o Advances Recoverable in Cash or Kind or for Value to be Received § This chapter covers advances recoverable in cash or kind, explaining their accounting treatment and implications for financial statements. This section provides detailed explanations of different types of advances, their valuation, and recovery processes. § Case studies illustrate practical examples of managing and reporting advances. o Shareholders' Funds or Net Worth or Capital § This chapter examines the components of shareholders' equity, including capital stock, retained earnings, and reserves. This section provides insights into the calculation and reporting of net worth, highlighting its importance for financial stability and investor confidence. § Charts and graphs illustrate changes in equity, while case studies provide real-world examples of managing shareholders' funds. o Provisions & Contingent Liabilities § This chapter discusses recognising, measuring, and reporting provisions and contingent liabilities. This section explains various types of provisions, their accounting treatment, and their impact on financial statements. § Charts and graphs help visualise provisions and contingencies, while case studies provide practical examples of managing these critical financial elements. o Borrowings § This chapter covers different types of borrowings, their terms, and accounting treatment. This section provides a comprehensive overview of debt management, including long-term and short-term borrowings. § Charts illustrate borrowing structures and repayment schedules, while case studies highlight the strategic decisions related to financing. o Trade Payable and Other Liabilities § This chapter examines trade payables and other liabilities, their recognition, and reporting. This section provides insights into the management of payables and liabilities, which are crucial for maintaining financial stability and liquidity. § Charts and graphs help visualise payables ageing, and practical examples illustrate effective management of trade payables and liabilities. • Connecting Statement o Significant Accounting Policies § This chapter covers companies' key accounting policies, explaining their impact on financial statements. This section explains various accounting policies, their rationale, and implications for financial reporting. § Charts help illustrate the application of different policies, and case studies provide practical examples. o Notes on Accounts § This chapter discusses the notes to accounts, providing additional information and disclosures related to financial statements. This section explains the importance of notes, their content, and how they enhance the understanding of financial statements. § Case studies illustrate the practical application of notes and their significance for stakeholders. o Cash Flow and Statement § This chapter focuses on the cash flow statement, explaining its preparation and analysis. This section provides detailed explanations of cash flow categories, their importance, and how to interpret cash flow statements. § Charts and graphs help visualise cash flows, while case studies provide practical examples of cash flow management. • Concept of Audit and Auditor's Report and CARO Report o Understanding the Concept of Audit § This chapter provides an overview of the audit process, its objectives, and its significance. This section explains the different types of audits, their scope, and how they contribute to financial transparency and accountability. § Practical examples and case studies illustrate the audit process and its impact on financial reporting. o Report on Internal Financial Controls § This chapter discusses the evaluation of internal financial controls, their importance, and reporting. This section provides insights into the internal control framework, its assessment, and implications for financial statements. § Charts and graphs help visualise internal control structures, and case studies highlight best practices in internal control management. o Analysis of Auditor's Opinion § This chapter examines the auditor's opinion, types, and significance. This section explains the different types of audit opinions, their implications, and how they affect stakeholder perceptions. § Charts and graphs illustrate audit opinion trends, while case studies provide practical examples of the impact of different audit opinions. o Analysis of Emphasis of Matters/Note § This chapter discusses the emphasis of matters and notes included in audit reports, explaining their importance and implications. This section provides detailed explanations of different types of emphasis and their impact on financial statements. § Practical examples illustrate the significance of emphasis on matters in audit reports. o Companies Auditor's Report Order (CARO) § This chapter provides an overview of the Companies Auditor's Report Order (CARO), its requirements, and its significance. This section explains the key provisions of CARO, their implications, and how they enhance the audit process. § Practical examples illustrate the application of CARO in audit reports. o Control over Resources § This chapter examines the control over resources, their importance, and their management. This section provides insights into resource management, internal controls, and their impact on financial performance. § Charts and graphs help visualise resource management strategies, and case studies provide practical examples of effective resource control. o Related Party Transactions § This chapter discusses related party transactions, their identification, and reporting. This section explains the importance of transparency in related party transactions, their accounting treatment, and their impact on financial statements. § Practical examples illustrate the management and disclosure of related party transactions. o Legal Compliance § This chapter covers the importance of legal compliance in financial reporting, explaining key regulatory requirements and their implications. This section provides insights into compliance management, reporting, and its impact on financial statements. § Practical examples illustrate best practices in legal compliance. o Non-Banking Finance Companies (NBFC) § This chapter overviews Non-Banking Finance Companies (NBFC), operations, and regulatory requirements. This section explains the key characteristics of NBFCs, financial reporting, and compliance obligations. § Practical examples illustrate the management and reporting of NBFCs. o Statutory Dues § This chapter discusses the recognition, measurement, and reporting of statutory dues. This section explains various types of statutory dues, their accounting treatment, and their impact on financial statements. § Charts and graphs help visualise statutory dues, while case studies provide practical examples of managing and reporting statutory obligations. o Financial Health of the Company § This chapter examines the indicators of financial health, including profitability, liquidity, and solvency. This section provides insights into analysing financial health, key metrics, and their interpretation. § Charts and graphs illustrate financial health indicators, while practical examples provide real-world insights into assessing and improving financial health. o End Use of Funds § This chapter discusses the importance of monitoring and reporting the end use of funds. This section explains the key aspects of fund utilisation, its impact on financial performance, and compliance requirements. § Practical examples illustrate best practices in managing and reporting the end use of funds. o Frauds and Unrecorded Transactions § This chapter covers identifying, preventing, and reporting fraud and unrecorded transactions. This section provides insights into fraud risk management, detection techniques, and their impact on financial statements. § Charts and graphs help visualise fraud risk, while case studies provide practical examples of managing and reporting fraud. o Resignation of Statutory Auditors § This chapter discusses the reasons, implications, and reporting of the resignation of statutory auditors. This section explains the impact of auditor resignation on financial reporting, stakeholder confidence, and regulatory compliance. § Practical examples illustrate the management and disclosure of auditor resignation. Master Key o How to Link 5 Keys to Decode Financial Statement § This chapter provides a comprehensive guide on linking the key concepts discussed in the book to decode and analyse financial statements. This section explains the interrelationships between financial statement components, their analysis, and interpretation. § Charts and graphs help visualise these connections, while practical examples provide step-by-step guidance on financial statement analysis.
Author: American Institute of Certified Public Accountants. Banking Committee
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
Author: International Federation of Accountants. International Auditing Practices Committee
Publisher:
ISBN: 9781887464338
Category : Auditing
Languages : en
Pages : 110
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Book Description
The purpose of this statement is to provide practical assistance to auditors and to promote good practice in applying International Standards on Auditing to the audit of banks financial statements.
