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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.
Q. Walkthroughs for auditor? Walkthroughs provide the auditor with evidence to: 1. Confirm auditor's understanding of the process flow of transactions. 2. Confirm auditor
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Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated
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