Share and deposits, Auditing

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.

Posted Date: 12/4/2012 5:35:31 AM | Location : United States







Related Discussions:- Share and deposits, Assignment Help, Ask Question on Share and deposits, Get Answer, Expert's Help, Share and deposits Discussions

Write discussion on Share and deposits
Your posts are moderated
Related Questions
Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta

Verification Procedures - Investment Verification actions should follow the common approach outlined in favor of tangible noncurrent assets. Conversely the following particula

Systems Based audit approach The basis of IAS 400, Risk Assessment and Internal Control. The term systems audit refers to the typical audit approach to medium and large comp

Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T

Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc

Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained


With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.

General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

advantage and disadvantage of joint auditor?