Audit & Attestation
Multi-purpose Bank Society Audit
Audit of multi-purpose and urban co-operative banking societies.
Overview
This engagement covers the audit of multi-purpose co-operative societies carrying on banking and credit activities, under the applicable State Co-operative Societies Act read with the directions issued by the Reserve Bank of India where they apply.
The audit is performed in accordance with the Standards on Auditing issued by the ICAI and the reporting requirements of the relevant regulator.
Scope & areas covered
- Audit of credit, deposit and banking operations
- Verification of loan classification, income recognition and provisioning
- Examination of statutory reserves and liquidity requirements
- Reporting in the prescribed form and audit classification
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