Share and deposits, Auditing

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Share and deposits

Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper control the following must be covered by the system:

1) There should be proper custody of unused share and deposit pass book, receipt forms and share certificates;

2) There should be proper instructions to the staff as to the making of entries in the pass books and the issue of receipts;

3) Withdrawal terms, notice and specimen signatures;

4) Authorization of withdrawals by the ledger department or against the pass books;

5) Records of deaths, marriages, powers of attorney and transmission of shares and deposits;

6) The comparison of the balance shown in the pass book with that shown in the ledger.


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