How do you get stock audits?

The applicant should have post-qualification practicing experience of at least 3 years with at least 2 years experience in stock audits in different types of industry/sector. In case of firms, the experience of the Managing / Senior partners shall be considered as the experience of the firm.

What is a stock audit?

1. What is Stock Audit? Stock audit or inventory audit is a term that refers to physical verification of a company or institution’s inventory assets. Every business organization needs to perform an audit once a year to update and ensure that the physical stock and the computed stock match.

How do you conduct a bank stock audit?

Steps involved in stock audit

1. Sanction Letter and latest renewal letter.
2. Stock Statements (latest 6).
3. Bank Statement for the last 6 months.
4. Turnover report for last financial year and current financial year (till date)
5. In case of Company, Copy of Form No.
6. Balance Outstanding in All Accounts with the bank.
7. DP register.

How do banks get concurrent audit?

The Bank is in process of procuring Audit Software for conducting Concurrent Audit and reporting therein. Selected firm will have to conduct the concurrent audit and submit Page 3 reports as per provisions of the software, once the same is made alive. Separate login ID shall be provided to the concurrent Auditors.

Who are the concurrent auditors of UCO Bank?

UCO Bank invites applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank.

How does empanelment of stock auditors work?

The stock auditors presently empanelled with the Bank shall also require to apply fresh and the existing panel will cease to exist on publication of the new panel. The selected stock auditors will be intimated through email along with a copy of draft agreement (format annexed) to be executed.

Who is not eligible for empanelment as stock auditor?

• An undischarged insolvent shall not be eligible for empanelment • A central statutory auditor of the Bank shall not be eligible for empanelment as stock auditor during the tenor as statutory Auditor. Statutory / concurrent auditor of a branch shall not be eligible for undertaking stock audits related to the same branch, even if empanelled.

Can a public sector bank empanel an audit firm?

2) The applicant who is not fulfilling the experience criteria as mentioned In point 1 under experience and other parameters, but having empanelment of audit firm by RBI as Statutory Branch Auditor for Public Sector Banks may also be considered for empanelment for credit exposure (FB+NFB) up to Rs 10.00 crore on case to case basis.

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