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Bank guarantees given by the entity can be verified as follows,
1) Authorisation for the bank guarantees entered by the entity. This can be verified through copies maintained by the entity.
2) We can request for bank confirmation containing the details of bank guarantees entered by the entity with that particular bank.
3) For the gurantees entered for the benefit of its subsidiaries / associates, we can verify the details of the same with statutory register maintained under section 372A of Companies Act,1956
What else can I help you with?
What is the full form of lfar in bank audit?
Long Form Audit Report
Which type of audit is compulsory for a banking organization?
"CONTINUOUS AUDIT" is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
What are the two items listed on a off balance sheet?
1: Contingent liabilities such as a Letter of Credit. 2: Bank Guarantees.
How can you avoid leaving a paper trail when you are in an audit?
One way to avoid leaving a paper trail for when you are in an audit is to transfer your assets offshore. Although be careful and make sure that your assets aren't sent by a bank that is located directly in your country.
Difference between audit plan and audit program?
an audit program may contain several audit plans
What is the main difference between the duties of a bank audit department and the duties of a Federal Reserve Bank examination team?
The main difference between the duties of a bank audit department and the duties of a Federal Reserve Bank examination team is: The duties of a bank audit department cannot audit the ederal Reserve Bank examination team but the duties of a Federal Reserve Bank examination team can audit the bank audit department.
What is sovereign bank guarantee?
Sovereign banks guarantees are financial guarantees in order to financially promote things that are in the public interest. These bank guarantees are used as economic incentives.
What is the full form of lfar in bank audit?
Long Form Audit Report
Do bank guarantees have ISIN numbers?
yes
Does PNC Bank do Medallion Signature Guarantees?
Yes
What is concurrent audit of bank?
the bank sets a questionaire which has to be checked and reported
Does Bank of Hawaii give medallion signature guarantees?
The Bank of Hawaii does give medallion signature guarantees. Call before you go, as you will need to bring satisfactory identification with you if you wish to get one.
What are the journal entry for bank guarantees?
At the time of issuance of BG Dr : Constituent's Liability for BGs issued Cr : Acceptance, Endorsement & Other Obligations - Bank Guarantees and at the time of cancellation / closure of BG from the books Dr : Acceptance, Endorsement & Other Obligations - Bank Guarantees Cr : Constituent's Liability for BGs issued
Are bank guarantees transferable?
Bank guarantees are generally not transferable, as they are issued to a specific beneficiary and are tied to the terms of the underlying contract. However, some bank guarantees may include clauses that allow for assignment or transfer with the consent of the issuing bank. It is essential to review the specific terms and conditions of the guarantee to determine if transferability is permitted. Always consult with legal or financial advisors for guidance in such matters.
Business Letter of Currency meaning?
letter given by bank as guarantees
Which type of audit is compulsory for a banking organization?
"CONTINUOUS AUDIT" is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
What resources does the American Institute of Certified Public Accountants' Audit Committee Effectiveness Center provide?
The components of the center are the Audit Committee Toolkits (corporate, not-for-profit, and government), Audit Committee Matching System, Audit Committee e-Alerts, and a bank of materials containing information for and about audit committees.
