A Comprehensive Study of G.P Parsik Bank Audit with reference to CA firm CA Prasade & Co.

LLP

By Ishwari Kishorkumar Patil 13032

Master in Management Studies (MMS)

2022-24
SEMESTER 3

Subject :Summer Internship Project

Project Guide : Dr. Priyanka Dhukhande

Sir M Visvesvaraya Institute of Management and Research, Wadala

INDEX

CHAPTER PARTICULAR PAGE NO.

1 INTRODUCTION TO AUDITING

2 ORGANISATION PROFILE

3 LEARNING OUTCOMES

4 CONCLUSION

BIBLIOGRAPHY
CHAPTER 1: INTRODUCTION TO AUDITING

1.1 DEFINITION
“An audit is an examination of accounting records undertaken with a view of establishing
whether they correctly and completely reflect the transactions to which the purport to relate.”
–Lawrence R. Dickey
“Audit is defined as an investigation of some statements of figures involving examination of
certain evidence, so as to enable an auditor to make a report on the statement.” –Taylor and Perry
“An audit denotes the examination of balance sheet and profit and loss accounts prepared by
others together with the books of accounts and vouchers relating thereto such in such a manner
that the auditor may be able to satisfy himself and honestly report that in his opinion such
balance sheet is properly drawn up so as to exhibit a true and correct view of the state of affairs
of a particular concern according to the information and explanations given to him and as shown
by the books.” -F.R.M De Paula
“Auditing is a systematic examination of the books of records of business or other organization
in order to ascertain or to verify and to report upon the facts regarding its financial operations
and the result thereof.” –Prof. Montgomery

1.2 MEANING
The term audit is derived from a Latin word “audire” which means to hear authenticity of
accounts is assured with the help of the independent review.
Audit is performed to ascertain the validity and reliability of information. Examination of books
and accounts with supporting vouchers and documents to detect and prevent error, fraud is the
primary function of auditing.Auditor has to check the effectiveness of internal control systems
for determining the extent of checking out the audit.Initially its meaning and use were confined
merely to cash audit, and the auditor has to ascertain whether the persons are responsible for the
maintenance of accounts had adequately accounted for all the cash receipts and the payment on
behalf of this principle.But the word audit has an extensive usage, and it now means a thorough
scrutiny of the books of accounts and its ultimate aim is to verify the financial position disclosed
by the balance sheet and profit and loss accounts of a company.In short, an audit implies an
investigation and a report. The process of checking and vouching continues until the study is
completed and the auditor enables himself to report under the terms of his appointment.
1.3 NEED OF AUDITING
Audited accounts provide high quality information. It gives confidence to users that information
on which they are relying is qualitative and it is the outcome of an exercise carried out by
following Auditing Standards recognized globally.
In case of companies, shareholders may or may not be involved in daily affairs of the company.
The financial statements are prepared by management consisting of directors. As shareholders
are owners of the company, they need an independent mechanism so that financial information is
qualitative and reliable. Hence, their interest is safeguarded by an audit.
An audit acts as a moral check on employees from committing frauds for the fear of being
discovered by audit.
Audited financial statements are helpful to government authorities for determining tax liabilities.
Audited financial statements can be relied upon by lenders, bankers for making their credit
decisions ie whether to lend or not to lend to a particular entity.
An audit may also detect fraud or error or both.
An audit reviews existence and operations of various controls operating in any entity. Hence, it is
useful at pointing out deficiencies.

1.4 EVOLUTION
The term audit is derived from the Latin term ‘audire,’ which means to hear. In early days an
auditor used to listen to the accounts read over by an accountant in order to check them Auditing
is as old as accounting. It was in use in all ancient countries such as Mesopotamia, Greece,
Egypt, Rome, U.K. and India. The Vedas contain reference to accounts and auditing. Kautilya
detailed rules for accounting and auditing of public finances in his book “Arthasashthra”. The
original objective of auditing was to detect and prevent errors and frauds. Auditing evolved and
grew rapidly after the industrial revolution in the 18th century with the growth of the joint stock
companies where the ownership and management became separate. The shareholders who were
the owners needed a report from an independent expert on the accounts of the company managed
by the Board of Directors who were the employees. The objective of audit shifted and audit was
expected to ascertain whether the accounts were true and fair rather than detection of errors and
frauds. In India the Companies Act, 1913 made audit of company accounts compulsory. With the
increase in the size of the companies and the volume of transactions, the main objective of audit
shifted to ascertaining whether the accounts were true and fair rather than true and correct.
Hence, the emphasis was not on arithmetical accuracy but on a fair representation of the financial
efforts. The Companies Act, 1913 also prescribed for the first time the qualification of auditors.
The International Accounting Standards Committee and the Accounting Standards Board of the
Institute of Chartered Accountants of India have developed standard accounting and auditing
practices to guide the accountants and auditors in the day to day work. The later developments in
auditing pertain to the use of computers in accounting and auditing.
1.5 DEFINITION OF BANK AUDIT
Bank audit is a procedure performed by an auditor appointed by RBI and ICAI to verify the
financial statements of the banking institutions and to verify whether the banking concerns are
following the law and compliances or regulatory framework applicable on them or not.

1.6 PROCESS
Bank Audit Check List & Procedure (Concurrent Audit)

A financial entity requires continuous monitoring of transactions. For an entity like a bank, the
review mechanism must be robust and unabating. Hence the need for a concurrent audit.

Concurrent audit means a parallel examination of the financial transactions, i.e. examination at
the time of the happening of the transaction. It is part of an early warning system of a bank for
ensuring timely detection of lapses or irregularities.

Concurrent Audit

As the name itself suggests, it is an audit that takes place at the moment when transactions take
place, that means it is parallelly conducted. Unlike most audits that are post transactional review,
the concurrent audit is as and when transactions take place. It gives an early warning to ensure
timely detection of irregularities and lapses.
Concurrent Audit Procedure

The concurrent audit covers all transactions of the bank. Hence to understand how this audit
needs to be conducted, an understanding of the processes of the banks is imperative. Banking
functions are inclusive but not limited to the following:

● Acceptance of deposits
● Loans and advances
● Cash management
● Safety Lockers
● Forex
● Bill payment

To conduct a concurrent audit, functions of the bank must be fragmented to transactions, and the
necessary checks and balances must be assigned.

Acceptance of deposits

Acceptance of deposits is a core function of banks. The deposits are of varied nature depending
on the holder and purpose of the account. Nevertheless, the process of acceptance of deposits can
be summed up as follows:-

Collection of details

KYC and AML norms compliance

Creation of account in Core Banking System (CBS)

The following steps must be adhered to ensure correctness:

Sr.No Checkpoints Yes/No

 1 Is the account opening form duly filled?

2 Is the application signed by an officer?

3 Are all the necessary proofs collected in original and verified as per
KYC and AML norms?

4 Are all the details inputted in the CBS correctly and is the account
created?

5 Is the signature and photo scanned in CBS?

6 Are the account number, customer id and account opening date

specified on the application form?

7 Are all the documents correctly filed and stored properly?

8 Are the interest rates correctly applied, verified by conducting test

checks in the CBS?

9 Check if the fixed deposits that have an OD facility have lien marked?

10 Test check if all the charges, prematurity penalties are correctly

charged in the CBS

The KYC norms will differ as per the status of the holder of the accounts. Hence the document
verification must be carried on accordingly.

Loans and advances

The lending of funds is the other core function of the bank. The bank accepts deposits at a certain
rate and lends at a higher rate. The margin is the bank’s profit. Lending function ranks higher on
the risk factor as there is a possibility of the debt not being recovered. Hence there is a great
significance and need for proper documentation.
There are several loans and advances that a bank offers. However, the process for disbursement
remains more or less the same. The process for disbursement of loan can be summed up as the
following transactions:

Building a relationship with the customer

Collection of all requisite documents

Checking the credibility of the customer

Disbursing the loan and monitoring the loan

Sr.No Checkpoints Yes/No

1 Is the application duly filled?

2 Are all the documents collected for loan processing?

3 Are all documents self-attested and verified with originals?

4 Are all checks required for checking credibility performed like CIBIL
report?

5 Are all the documents collected for guarantors as well?

6 Are the pre-sanction and post-sanction inspections conducted and are

the reports stored?

7 Are all the processing charges collected?

8 Are the interest rates in line with the bank policies?

9 Does the sanction letter include all accurate details?

10 Are all the particulars specified in CBS accurately?

To reduce instances of defaults and fraudulent transactions, the following points must be taken
into consideration:The documents required for loan processing will vary depending on the type
of loan. The auditor must verify all the documents and ensure that they are placed safely. Post
sanction, the loans and advances have to be monitored periodically for warning signs of
Non-performing Assets (NPA). The concurrent auditor must closely examine the NPA
management and report any discrepancies.

Cash management

Since the bank earns interest on the rupee it lends, maintaining a high cash balance can result in
interest losses. However, banks need to hold enough to fund the ATMs. Hence the bank must
achieve a balance. As an auditor, one must:Forex

For forex operations of a bank, the auditor must ensure the following checks:

Rate of foreign exchange on the transaction date and correct entry in books

Adherence to RBI norms relating to forex

Correct valuation of forex held in hand at the time of the audit

Bill payments

This is an add on service offered by banks; wherein a customer can make payments towards
public utilities through the bank. The auditor will have to verify:

Sr.No Checkpoints Yes/No

1 Check the cash balances in the cash book and ensure that it is as per the
policy.
 2 Conduct surprise audits to verify the cash in hand.

3 Verify the insurance cover and ensure that the cash is kept safely.

4 If any expense which is sizable in nature is made in cash, the authorizations

for the transaction must be verified.

Safety lockers

Banks also hold valuables of the customers in lockers. As an auditor, the following checks must
be done:

Sr.No Checkpoints Yes/No

1 Is the locker register maintained correctly?

2 Is the locker rent collected duly as per the size of the locker, any
deviations should be backed up by satisfactory explanation?

3 Does the rent account in CBS reflect all the transactions?

4 Is the insurance policy for the lockers up to date?

5 Are there any suspicious transactions like multiple visits in a short

duration by a customer or customers visiting only at a particular time or
for a longer duration?

If standing instructions have been received from customers, then ensure that the same has
been noted in the CBS to generate an auto payment

Ensure proper reconciliations of the utility accounts

Income leakage
For an auditor to ensure completeness of audit it is imperative to check that all charges are
collected, interest rates are inputted accurately in the CBS. The auditor must generate MIS to
analyze the various charges and interest computations. Also, there has to be a documented
process for changing the rates in the system, and the same must be strictly monitored.

The concurrent audit aims at reducing the gap between the occurrence of a transaction and its
examination. A concurrent audit report covers all transactions and hence is the second line of
defense for a bank.

1.7 ADVANTAGES OF BANK AUDIT

1. Assurance to Stakeholders:

This comes as one of the biggest advantages of auditing is that the final report of the audit is
accepted by all and provides a clear picture of the business's position. The owners or investors
get a proper idea of the accuracy of the books of accounts and, eventually, the performance of the
business. This also provides them with satisfaction about the functioning of their employees and
various departments. They get an idea about the overall profitability and efficiency of the
business; this helps them be assured of their stake holding.

2. Fair Evaluation:

This process helps a business' evaluation be done fairly without any chance of manipulation as
the auditor responsible for examining the books of account gives their viewpoint as an
independent authority. The audit officer's remark is much valued among the owners and investors
of the business entity. All the documents, financial statements, and inventory inspections are
closely inspected and verified for getting a fair report and do not involve any biasness.

3. Fraud Identification:

Fraud is intentional misconduct on the part of the individual. At the same time, there is always a
chance of unintentional mistakes by an individual. Both situations can be easily noticed after an
audit, and accountability can be sought in both cases. Employees taking care of them might get
examined for any of these cases. So, this creates a responsibility among them to do their tasks
honestly and efficiently. The auditing process decreases the chance of committing fraud and
errors in the functioning of the business entity.

4. Moral Policing:

This process does the task of teaching a sense of moral accountability towards the firm in the
employees. They know their mistakes will be discovered, so this generates the responsibility for
being honest and always avoiding irregularities and irresponsibility in their work.

5. Credibility:

Audit of the books of a firm allows their stakeholders, like creditors, investors, banks, and
debenture holders, to have more confidence in them. These are important connections of a
business entity as they help raise money, loans, and capital accumulation, a much-needed
resource for their growth. As the auditing body has no agenda or biasness, the reports thus
produced after analysis of the financial statements, accounts, etc., have high credibility for the
stakeholders.

6. Overall Improvement:

An audit is the best way to get an idea about the functioning of the sustaining system and
opportunities that can be grabbed for more development and business performance. Auditing
also helps implement changes in the present situation as regular reports are obtained with overall
performance.

7. Compliance With Rules and Standards:

The main objective of an audit lies in ensuring that all the policies and procedures comply with
the standard norms. Also, with the help of the process, a proper analysis can be done to evaluate
the company's conduct with that of good practices, and effectivity can be measured against the
expected one.

8. Helps in Building a Good Reputation:

Audit reports at regular periods ensure the stakeholders about the firm's conduct. This builds a
reputation for the firm in terms of teamwork, ethical working, and conduct. This also helps in the
further development of a firm.

9. Legal Proof:

The report obtained after auditing a business firm acts as legal proof. This record can be used for
the sake of insurance. Many firms like LIC, HUDCO, etc., consider the previous year's audit
report more reliable for their services.

10. Dispute Settlement:

This helps settle disputes and claims between management. This contains independently done
assessments about every transaction with defined all details. Which becomes a source for the
identification of any claim or disputes involved.

CHAPTER 2:ORGANISATION PROFILE

HISTORY OF CA FIRM

Y S Prasade & Co. LLP is a Limited Liability Partnership that was formed on March 17, 2016. It
is registered with the Mumbai Registrar of Companies. CA is the designated partner of Y S
Prasade & Co. LLP. CA Yogesh Sudhakar Prasade CA Kiran Ramchandra Nimse CA Madhura
Joshi CA Yogita Sawant Lipson Paul, Nikhil Poddar, and Tushar Prasade.The company employs
around 14 articles and approximately 5 interns. Interns and articles work and report to CA.
Tushar Prasade and Nikhil Poddar. The company has two departments: human resources and
accounting, audit, and taxation.
The firm specialises in government audits, fraud and forensic audits, statutory audits, system
audits, tax audits under the Income Tax Act, due diligence, internal concurrent audits, certificate
services, stock verification, bank audits, audits of cooperative societies, debt funding, and PE
funding.The also specialises in Internal audit services for different clients. There are around 300
ITR clients and approximately 100 GST clients.Clients are primarily entrepreneurs, business
owners, and a few salaried individuals.
Accounting services, direct tax consultancy, GST consultancy, audit and assurance, and business
counselling are all provided by the organization.The business provides highly effective
accounting services to local, national, and international clients such as
Sale and purchase invoicing

Debtors and creditors ageing report

Cash Management and Bank reconciliation business-advisory

Preparation of cash flow and fund flow statement

Preparation of annual financial statement

Liasoning with the officer for year end queries

Maintaining fixed asset register

Accounting software setup.

MIS reporting and calculation of various accounting ratios

Account system design and implementation.

Advise on various accounting issues including those related to India GAAPs, International
GAAPS, US GAAPS and IFRS

The firm also undertakes various types of audit and investigation

Statutory Audit
Internal Audit business-advisory
System Audit
Tax Audit
Bank Audit
Compliance Audit
KYC Audit
Expense Audit
VAT Audit GST Implementation
ICDS Implementation
Stock Audit
Payroll Audit
Revenue Audit Cost Audit
Variance Analysis Audit . Fixed asset Audit
Statutory Certification
Attestations
Other services Statutory Audits under the Income Tax Act, 1961
Tax Consultancy services
Tax planning is one of the important business decisions to remain competitive in the complex
business environment. Our team of professionals delivers sound and comprehensive tax solutions
in Domestic Taxation, Corporate Taxation other Entity Tax compliance and also makes
representations before fiscal authorities.
Our team of experts handles the following services.
Direct Tax services
Consultancy in tax matters & tax planning for all kinds of Assessee.

Preparation of return (Form no 1, 2, 3, 4, 4A, 6, 7)" to "preparation of all types of Income tax
return.

Preparation of Computation statements under different heads / sources of Incomes.

Getting Assessment done representing a client before Income tax Authorities at different level.

Withholding Tax Compliance Form 15CA, 15CB Certification & Consultancy in the case of
DTAA matter.

Income tax Appeals, revisions before CIT (Appeals), ITAT Level, and provide assistance at High
Court Level, and Supreme Court Level & Settlement Commission.

Facilitation of TDS Calculation, Payments &Forms (16, 16 A) generation online with Govt.
Websites on behalf of the Client.

Preparation & Revisions of TDS returns online

Domestic Transfer Pricing

Certification to be obtained from Income Tax department under Tax holiday, Lower deduction
certificate, Assets sold certificate u/s 281

Indirect Tax services

Good and service tax (GST) is a tax applicable to supply of goods and services in India.

GST application and implementation

GST registration

GST compliance (monthly and annual)

GST audit

GST notices

Tax (VAT/CST/Service Tax/Excise/Custom and SEZ)

Registration with VAT/CST Service Tax/Excise/Custom and SEZ Authorities under different
states, generation of forms.

Consultation in tax matter and tax planning for all kinds of assessee

Calculation of Taxes as per the application section, rules, facilitation of payment on or before due
date on behalf of client, preparation and revision of returns online.

Getting assessment done representing a client before the tax authorities at different level.
Tax appeal revision before CESTAT & VAT Appeals.

Assistance in the audit and certificate work as and when required by the assessee.

To maximise the value of every transaction, Y.S. Prasade & Co LLP employs a focused
business-advisoryand tailored approach to rapidly identify and understand potential deal
breakers, value drivers and other areas of specific interest to our clients. Our professionals bring
extensive experience with clients providing commercial / market diligence, financial accounting
due diligence, operational due diligence, IT due diligence, valuation services and tax due
diligence in a unique integrated approach. Our professionals can execute in buy and sell side
situations. In their efforts to methodologically assess, address and mitigate enterprise risks, and
aligning the related governance and regulatory compliance initiatives.

Our Integrated due diligence services are:

Commercial Due Diligence

Financial Accounting Due Diligence

Operational Due Diligence

IT Due Diligence

Valuation Services

Tax due diligence

Financial Advisory services

We have years of experience in providing business financial services to our clients. Our experts
carefully analyze the current situation and accordingly prepare the project reports. Loan
arrangement needs are also well taken care by us including cash credit limit, term loan and
project loan. We also offer due diligence for finance and valuation of shares.

Project Funding for all kind of Industry with ease in the respect of procedural part & feasible
cost
Providing guidance and assistance in the hedging, switching for current account, forward
transactions.business-advisory
A comprehensive solution for setting up family trust and managing the investment portfolio,
taxation and reporting.
Providing guidance and assistance in pulling private equity into the business.
Provide services of recognizing the areas of cost controlling and saving in the course of business
activities.
Providing guidance and assistance in investment planning and opportunities
Providing guidance & assistance in setting up the process & Financial control system & Audit
Providing guidance & assistance in setting up the process for ratio analysis.
Providing guidance & assistance Financial Accounting, Valuation & Securitization.
International taxation services

International transfer pricing

Tax planning and interpretation of clauses under DTAAbusiness-advisory

Advice and assistance in the matter of taxing on cross-border structured finance.

Withholding tax compliance forms 15CA,15CB certificate and consultancy in case of DTAA

Advice and assistance in seeking advance ruling from the authorities for advance ruling in India
on complex International Tax issues of cross border transactions.

CHAPTER 3: SUMMER INTERNSHIP LEARNING

I was an assistant auditor at Y.S.Prasade & Co. LLP for G.P Parsik Bank's concurrent audit. Y.S
Prasade Office is close to Thane Station, and I was assigned to audit G. P Parsik Bank branches
in Kopar Khairane Sec 5 and Sec 17, Ghansoli Sector 5, and Mahape Branch. The report time
was 10:30 a.m. Sushas Khatate sir, CA Nikhil Poddar Sir, and Tushar Prasade Sir all required me
to report. Finally, they reported to Yogesh Prasade.
FLOWCHART
Downloading of Reports
Downloading of reports helps the auditors to verify the details of the account of account
open and closed during the period under audit
Register verification
Register verification aids in cross-checking with the digital copy made available to the
auditor.
Verification of account open
Account open report verification assists in learning about the customer (person) and
cross-checking KYC verification.
Verification of account closed
Account closure reports aid in the cross-verification of KYC details and the charging of
applicable charges as needed.
Verification
Account closure reports aid in the cross-verification of KYC details and the charging of
applicable charges as needed.
Verification of the locker surrender report is required to determine whether appropriate
charges have been charged, all necessary documentation has been completed, and keys
 have been given over to the bank. The consumer provides the bank with information on
the 15 H and 15 G forms.
Verification of surprise visit
checking if the bank manager makes surprise visits to the cash counter, vault, and ATM
cash
Maintaining records and audit programme
Records are kept on the bank's software, and past audit reports are checked. This helps to
determine whether the bank is updating the information and addressing the auditor's
concerns.
Filling up of system report
The final step in auditing is to fill in the bank's system report, raise any necessary queries
and submit it to the head office.
LEARNING OUTCOMES
This internship has been really useful to me in various ways.I obtained extensive auditing
experience. This internship aided my personal development in areas such as corporate dress code
and code of conduct. I was able to strengthen my communication abilities as well as my soft
skills. We escalated our queries regarding the documentation or functions of the bank to the
branch manager or respective staff member. This aided me in presenting my viewpoint or queries
regarding audits to other persons. The auditor is responsible for drafting queries to be addressed
throughout the auditing process.
The internship taught me how to juggle academic assignments and internship duties, which
improved my multitasking abilities. In the field of auditing, the auditor must draw conclusions on
the basis of reliable evidence and the auditor must possess professional skepticism and shoulsn’
be negligent while doing his work. This is what I learned: the capacity to think and reason about
what should be highlighted and prioritised first.
While auditing we had to do proper working paper of the work we had done. We are required to
arrange the working papers as per the order and the audit programme and should be handed over
to concerned sir or madam. we had make sure that the audit programme is carried out with
proper planning and executed within a reasonable time period estimated while drafting the audit
programme. We were also required to evaluate the audit programme personally before handing it
over. Also we were required to evaluate the audit work before submitting the system report in
order to avoid errors in the work carried out. During this internship my analysing and
observation skills have enhanced and also professional scepticism and questioning mind was
inculcated because we had to take a close look at every document provided to us. Even technical
skills were improved because every organisation uses different software.
I had to hand the task over to another intern before the end of my internship time. I was also
tasked with teaching the other intern what I had learned about work and software. Introduce the
branch manager and staff members to whom to contact for work-related inquiries.Throughout my
internship, I was both a learner and a teacher.
CHAPTER 4: CONCLUSION
In conclusion, my internship experience at YSP & Co. LLP was invaluable. Through it, I gained
valuable skills in Bank audit & accounts, as well as a better understanding of the different
aspects of an audit field. The knowledge I have acquired will benefit me in my future
endeavors.During my internship I developed technical and soft skills and understood one of the
important types of audit. I have also made some lasting connections that will be of great value in
my professional life. The power of Networking got highlighted during the internship period. All
in all, this internship was a fantastic opportunity to gain hands-on experience and hone my skills.
I am grateful for all the lessons & experiences I have gained during my time at YSP & Co. LLP
which can now help me to apply confidently for any future roles. Along With this an important
habit of time management and prioritisation of the tasks was learnt during the internship period.
Internship gave us a demo of what it is going to be like in the real corporate world not just in
terms of academic knowledge but also how important personality development, networking, soft
skills etc is. How to be a problem solver and how to mould your thinking process in a solution
oriented way is also one of the key takeaways. Amongst these learnings another important
learning was to be disciplined in terms of maintaining a record of the tasks done, to be done and
Noting down important findings, highlighting those. Also communicating key matters to seniors
well within time in order to take necessary steps. These set of qualities have not only improved
me as professional but also in my personal life.
Mentorship was one of the most important aspects of my internship experience. My mentors not
only helped me with technical elements, but they also shared their own career paths with me,
giving me a broader perspective on my professional journey.

(Elaborate More - I want atlleast 1 page report on conclusion)

BIBLIOGRAPHY
1. https://www.rcvacademy.com/auditing-introduction/
2. https://www.worldwidejournals.com/paripex/recent_issues_pdf/2015/Septem
ber/September_2015_1492176620__21.pdf
3. https://www.rcvacademy.com/auditing-origin-evolution/
4. https://www.rbi.org.in/commonman/Upload/English/Content/PDFs/89795.pdf
5. https://theinvestorsbook.com/bank-audit.html
6. https://cleartax.in/s/bank-audit-check-list-procedure-concurrent-audit
7. https://www.javatpoint.com/advantages-and-disadvantages-of-audit
8. https://cleartax.in/s/bank-audit-check-list-procedure-concurrent-audit