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Branch Audits

What Is Branch Audit?

Branch Audit is an official inspection of an Organisation, Entity, or Company Branch. Branch Audit helps organisations to keep clear records and maintain proper books. As per the Act passed in 2013, every company has to maintain the books of accounts and other relevant documents of its Branch. This account and documents should be maintained every year to give a fair state of affairs for every company. Branch Audits are done by Auditors; they are known as Branch Auditors. This is where Riskpro India can help you. We’ve some of the Top Branch Auditors working with us. Get more details at info@riskpro.in

Our Understanding of Branch Audits:

It is our understanding that the checklist for the branch audits is in place and will be provided to the team to complete the audit.

Our Approach to Branch Audits is:

Pre Branch Audits In this approach, we follow 3 Procedures:

  • Starting with a Review of the Branch Office.
  • The second procedure is the Review of Transactions and Sampling.
  • Preparing the documents for Branch Visit.
  • This approach takes 0.5 Man-days Branch Visit
  • We ensure compliance is checklist defined and are laid down policies and procedures. This audit will be done by two persons
  • After this procedure is done it is followed with Query Discussion and Finalisation.
  • This approach takes around 1 man-day Post Branch Audits
  • For post branch audits we start with Calculating the draft report.
  • Later we discuss this with the management, Take the feedback and Comments from the Management and Incorporate them to create the final report.
  • Deliverables for Branch Audits Branch Audit report gives the details of the following: A) Observations
  • Process gaps
  • Operating inefficiencies
  • Non-compliances with applicable laws
  • Handling of Conduct issues

B) Recommendations C) Management Comments If management has a standard report template, we will use the same to submit the branch audit reports.

  • How Riskpro can help?

    Riskpro has done PAN India checklist-based audits for the depots, branches of NBFC, Insurance companies, etc. through our associate firm. We design a standard checklist that reflects regulatory, conduct issues, and operational compliances. We ensure:
  • Compliance with the checklist defined and laid down policies and procedures.
  • Report the process gaps, operating inefficiencies, non-compliances with applicable laws, handling of conduct issues, etc and issue a final report with recommendations.
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  • Riskpro can assist you with branch audits for banks and NBBFCs. For more details, please email info@riskpro.in