Key audit areas - building society, Auditing

Key Audit Areas - Building Society

1. The auditor must examine the process for checking deeds on receipt from the lawyers to ensure such they are complete in accordance along with the advance records appropriately stamped and executed;

2. Examine the maintenance of records such display the dates of any changes in the location of any of them and the location of all deeds.

3. Examine the process that ensures such the deeds are obtained from the society's lawyers without undue delay;

4. Examine the authority necessary for the release of deeds for a temporary duration from their general custody and the common control for their prompt return;

5. Examine where there is a carry on to the independent check of the deeds against or the borrower's ledger accounts the advance records;

6. Examine the requirement for satisfactory cross reference among the advance records, the cash book, the borrower's ledger the deed and the account.

7. Examine the process for the release of the mortgage on redemption of deeds.

Posted Date: 1/28/2013 4:17:04 AM | Location : United States







Related Discussions:- Key audit areas - building society, Assignment Help, Ask Question on Key audit areas - building society, Get Answer, Expert's Help, Key audit areas - building society Discussions

Write discussion on Key audit areas - building society
Your posts are moderated
Related Questions
In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth

Discovery of unlawful acts When an auditor discovers unlawful acts, usually he is not expected to disclose to the police or other authorities unless: The client authorise

The assignment continues the research process by further exploring and defining the problem statement through the development of research objectives. These objectives will allow yo


Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit

The modern integrated audit approach combines elements of various traditional audit areas having financial, operational, and information technology.

Counter - Indications That the auditor has found indications of going related to non-applicability does not of itself justify instantly conclusion that the entity is not a goi

Related Party Transactions Related party transactions-a transfer of obligations or resources among related parties, regardless of whereas a price is charged. A party is rel

Taxation - Audit Process Companies suffer corporation tax. The Companies Act use that corporation tax payable on the profits of any specific year should be matched against tho