sivakasi branch of sirc of...

Sivakasi Branch of SIRC of ICAI Newsletter- April 2018

1 For Private Circulation Only



C

My esteemed professional colleagues,

It’s a pleasure to have a recap of March month activities, with the Installation

Function on 04/03/2018 followed immediately by the SIRC Chairman’s Official Visit

on 09/03/2018. It was a delight to have CA.Adusumilli Venkatesa Rao, Chairman-

SIRC as the Chief Guest for the Women’s Day Celebration on 09/03/2018. Bank

Audit Seminar which was held on 17/03/2018 was well attended by large number of

members and students. Two Career Counselling Programmes was conducted

during the month. One at A.K. Dharmaraja Women’s College, Rajapalayam and

another at AJ College, Sivakasi. Joint Seminar on Accounting Standards was

conducted at AJ College, Sivakasi.

By the time this Newsletter reaches you, you would have received the Bank

Audit assignments. Members may take utmost care before signing of the Bank

Audit Reports.

The ARS Fees for the year 2017-18 was fixed at Rs.5000/- last year. This year

also, the ARS Fees for the Financial Year 2018-19 has been fixed at Rs.5000/-.

However, due to the implementation of GST, the ARS Fees payable by members will

be Rs.5900 (Rs.5000 + 18% GST). Members are requested to remit the ARS Fees on or

before 30th April, 2018 and support the Branch as usual.

Wishing you all a prosperous Financial Year 2018-19.

With Regards,

CA.M.Rajapandian

Chairman - SBSIRC

CHAIRMAN’S MESSAGE



Dear Members, Hearty Greetings to all. Wish everyone a happy New Accounting Year. As

Statutory Audit is approaching, we all are busy with those works. Hope you exercise

due care in Statutory Audit and gain valuable knowledge. Our profession is an ever

learning profession. The path to professional excellence has many routes which

includes being receptive to changes, learning new processes and adapting

technological advances. So be update with new amendments for this new

Accounting Year. Have a happy e-filing.

With Regards, ,

CA.K.Giridhar Secretary –SBSIRC

Dear Members, I am happy to meet you once again through this news letter. during the

month of March our branch has conducted two CPE meeting in an excellent manner

and especially in bank audit meeting we have reached the mile stone registration of

100 plus. Expecting the same support, for the forth coming meeting also. I hope that

our members were in receipt of allotment for bank audits and planning to complete

the audit. We all very well knew the recent bank frauds. Hence I personally request

you all to do our professional duties in a right manner and flag our profession image

at higher level.

With Best Wishes,

CA.P.Selvaraj CPE Chairman – SBSIRC

EDITOR’S MESSAGE

SECRETARY’S MESSAGE



Legal Entity Identifier India Limited (CIN-

U74900MH2015PLC268921) – A Wholly Owned Subsidiary of The Clearing

Corporation of India Ltd. acts as a Local Operating Unit (LOU) for issuing

globally compatible Legal Entity Identifiers (LEIs) in India.

“LEIL has been recognized by the Reserve Bank of India as an “Issuer” of

Legal Entity Identifiers under the Payment and Settlement Systems Act 2007 (as

amended in 2015).” LEIL has been accredited by the Global Legal Entity

Identifier Foundation (GLEIF) as a Local Operation Unit (LOU) for issuance and

management of LEI's.

Why is a Legal Entity Identifier required for my organization?

The Legal Entity Identifier (LEI) is a global reference number that uniquely

identifies every legal entity or structure that is party to a financial transaction, in any

jurisdiction.

LEIL will assign LEIs to any legal identity including but not limited to all

intermediary institutions, banks, mutual funds, partnership companies, trusts,

holdings, special purpose vehicles, asset management companies and all other

institutions being parties to financial transactions.

LEI will be assigned on application from the legal entity and after due validation of

data. For the organization, LEI will

Serve as a proof of identity for a financial entity

Help to abide by regulatory requirements

Facilitate transaction reporting to Trade Repositories

ABOUT LEI



What is the LEI code?

The structure of the global LEI is determined in detail by ISO Standard

17442 and takes into account Financial Stability Board (FSB) stipulations.

LEIL as an LOU

The parent Company CCIL offers a host of services that enables trading on

sophisticated Trading Platforms, reporting trades to a comprehensive Trade

Repository, settle the trades on a guaranteed basis through its CCP services and

enjoy a range of post-trade services. At every stage, the LEI will be a useful value-

addition. LEIL uses its parent company’s expertise in trading, reporting and

settlement engines to bring to you LEI web portal that provides a number of

benefits:

Self-registration – Set yourself up quickly and simply

Advanced search and filter including foreign LEIs – helps you find the

information you need quickly

Challenges – assists with the proactive maintenance of entity data

Easy to use interface – User Guide, FAQs and very little training required

Accuracy and reliability – Rigorous duplicate check from consolidated

database from other LOU

Compiled By:

CA.M.Selvapandian,

Sivakasi.



-CA. Dungar Chand U Jain

In Long Form Audit Report Questionnaire, in case of Branches, Observation is

sought for the following (under the heading Assets > Serial number 1(a)):

Does the branch generally carry cash balances, which vary significantly from the

limits fixed by the controlling authorities of the Bank? Whether excess balances

have been reported to the controlling authorities of the Bank?

For the first part of the question above, the Auditor is required to obtain the cash

retention limit of branch. He should review the cash records and comment, whether

cash balance generally exceeds significantly the retention limit or not. For the same,

he should verify the instances of cash balances which have exceeded the retention

limit.

It is advisable to quantify and provide measurable observation instead of giving

a general or vague one. Using Ms-Excel, the same can be done with ease.

Step 1 : Getting the Relevant file / data typed

In CBS environment, details of daily cash balances for the year can be generated

from the bank as text file or html file. If case the same is not available, the balances

date-wise can be typed in an excel sheet for further analysis.

Step 2 : Copy the data into Excel

If the data are in text / html file, the same can be copied to excel directly. Also, if the

data copied are not split into proper columns, the same can be converted into

meaningful columns by using the option “Text to Columns” under “Data”tab in

Excel 2007 or above.

Step 3 : Remove unwanted rows / columns

Remove unwanted columns to see that “Date” column and “Amount Column” are

available for analysis for the year.

EXCEL TIPS



Step 4 :Converting figures into positive, if negative

Step 5: Analysis of retention using IF Function Enter the Cash retention limit in the sheet in C1 (as in the figure below)

Then type the formula =if(B4>C$1,”Exceeds Limit”,” Within Limit) in C4.

C$1 being absolute reference is used as data in Cell C1 is going to be static and will

not be changed when dragging downwards. Alternatively $C$1 can also be used.

Note : Usage of $ before the cell reference means the cell will remain static when

dragged/copied horizontally i.e. row wise whereas use of $ between the cell reference like C$1

means the cell will remain stable when dragged/copied vertically i.e. column wise



Once done, the formula as in C4 can be copied in all the following rows. Same will look as in the following figure.

Step 6 : Using Countif function to get the Summary Using the countif function, it is possible to obtain the number of the days the cash balance exceeded the retention limit.



Step 7 : Minimum and Maximum Cash Balance Additionally, the minimum and the maximum cash balance held during the year can also provided in LFAR. Workings / Formula for the same as follows :

Step 8: Why this review?

The trend of the balances during the year will help the management take decision

i) to review the cash retention limit.

ii) Take insurance cover that may be required for the branch and

iii) take measures to see that the excess money is put to productive use.

Step 9 : Reporting

Illustrative answer to the question as per above analysis may be therefore as

under :

i) The Cash retention limit of the branch is Rs. 15 Lakhs.

ii) The Cash balances from April 1, 2013 to March 31, 2014 were verified. Cash

balance exceeded the retention limits on 293 days (including holidays) during the

year.

iii) The maximum amount of cash balance was observed on Jan30, 2014 being Rs.



1228.03lakhs and minimum amount of cash balance was observed on Mar 22, 2014

being Rs. 2.29 lakhs.

Note :Where the retention limit has undergone change during the year, the retention limit

can be typed inadjacent column. “IF” formula can then be given further in such a way that it

checks the cash balance with retention limit day wise and gives the output accordingly.



- CA.G.Saravanakumar

Madurai

Discussion points

Relevant Circulars of Reserve Bank of India on IRAC

Norms for recognizing Non Performing Assets

Important NPA Terms

Audit procedures that may be employed in identification of NPAs

Audit of Agricultural advances

Project Loans

Important changes w.e.f 12th Feb, 2018

How to resolve limited time available in bank audit

Restructuring of Advances

Asset classification norms on restructuring

Introduction

The Reserve Bank of India vide its Circular No. BP.BC.129/21.04.043-92 dated April

27, 1992, issued guidelines to be followed by all scheduled commercial banks

(excluding regional rural banks) for income recognition, asset classification,

provisioning and other related norms. These guidelines commonly referred to as

‘Prudential Norms’ have since been modified in several respects through various

PRUDENTIAL NORMS ON INCOME RECOGNITION

AND ASSET CLASSIFICATION – (IRAC)



circulars of Reserve Bank. The latest Master circular No ‘RBI/2015-

16/101DBR.No.BP.BC.2/21.04.048/2015-16’ was issued on 01st July, 2015.

Relevant circulars on IRAC by RBI

1. Master circular No ‘RBI/2015-16/101DBR.No.BP.BC.2/21.04.048/2015-16’

dated 01st July, 2015.

2. RBI / 2015-16 / 330.DBR.BP.BC.NO.82/21.04.132/2015-16 dated

25.02.2016Review of Prudential guidelines – Revitalising Stressed Assets in

the Economy (Repealed on issue of RBI/2017-18/131DBR.No.NP.BC.

101/21.04.048/2017-18 dated February 12,2018 on “Resolution of Stressed

Assets – Revised Framework”)

3. RBI / 2015-16 / 422.DBR.BP.BC.NO.103/21.04.132/2015-16 dated 13.06.2016

on “Scheme for sustainable steructuring of stressed assets” (Repealed on issue

of RBI/2017-18/131 DBR.No.NP.BC. 101/21.04.048/2017-18 dated February

12,2018 on “Resolution of Stressed Assets – Revised Framework”)

4. RBI / 2016-17 / 122.DBR.BP.BC.NO.33/21.04.132/2016-17 dated 10.11.2016 on

“Scheme for sustainable steructuring of stressed assets-Revisions” (Repealed

on issue of RBI/2017-18/131 DBR.No.NP.BC. 101/21.04.048/2017-18 dated

February 12,2018 on “Resolution of Stressed Assets – Revised Framework”)

5. RBI / 2016-17 / 122.DBR.BP.BC.NO.34/21.04.132/2016-17 dated 10.11.2016 on

“Scheme for sustainable steructuring of stressed assets” (Repealed on issue of

RBI/2017-18/131 DBR.No.NP.BC. 101/21.04.048/2017-18 dated February

12,2018 on “Resolution of Stressed Assets – Revised Framework”)




on “Relief for MSME Borrowers registered under Goods and Services Tax-

GST”


on “Resolution of Stressed Assets – Revised Framework.

Norms for recognizing Non Performing Assets

Is the one Ceases to generate income for the bank

Term loans (whether short term or long term) will become NPA

o If interest and/or installment of principal remain overdue for a period

of 90 days or more

Bills purchased / Packing Credit / Post shipment credit will become NPA

o If the bill remains overdue for a period of more than 90 days

Cash credit / Overdraft accounts will become NPA

o If the account becomes “out of order“ OR

o If the account is running with temporary deficiency

Asset classification to be borrower wise and not facility wise

o When a loan account of a borrower becomes NPA all the account of

that borrower will also become NPA

o If devolved LCs or invoked guarantees are parked in a separate

account and they remain overdue for more than 90 days then that

account also be considered as principal operating account and IRAC

norms would apply.

Important Terms used in NPA classifications



o Overdue - Any amount due to the bank under any credit facility is

‘overdue’ if it is not paid on the due date fixed by the bank.

o Out of order for CC / OD –

If outstanding balance remains continuously in excess of the

sanctioned limit / drawing power (> 90 days)

No credits in the account continuously for 90 days as on the date

of balance sheet

Credits are not enough to cover the interest debited during the

same period.

o How Drawing power is calculated?

Value of stocks + Value of Debtors (if forming part of security

for CC a/c) – Unpaid stocks – Slow, Non-moving and dead

stocks – Bills under LC - Margin = Drawing Power

o Accounts with Temporary deficiency

If the outstanding in the account based on drawing power

calculated from stock statements older than 3 months is treated

as irregular. If such irregular drawings are permitted in CC for a

continuous period of 90 days the account has to be classified as

NPA

An account where the regular/adhoc credit limits have not been

reviewed/renewed within 180 days from the due date / date of

adhoc sanction will be treated as NPA.



Audit procedures that may be employed in identification of NPAs

Get over due reports as on the reporting date – track all accounts with

more than 90 days over due

Get SMA report for the last 3 quarters including for the quarter under

audit – get explanation for all the accounts which have been repeated

Employ analytical review procedure – backward calculations

Obtain loan balancing file – compare the outstanding of the loan with the

sanctioned limit and see the date of loan given.

Jewel loans – exceeding 12 months

Asset classification to be facility wise and not borrower wise – Take

customer ID as the base.

Agricultural Advances – NPA norms

Agricultural

Advances

Short duration

crops

Will become NPA

it is overdue for 2

crop seasons

Long duration

crops

Will become NPA

it is overdue for 1

crop season



Categories of NPA

Category of NPA Meaning

1. Sub-Standard Asset

An advance which has remained

NPA for a period less than or

equal to 12 months.

2. Doubtful Asset

An advance which has remained

in sub-standard category for a

period of 12 months.

3. Loss Asset

An advance identified as loss

asset by the bank or internal or

external auditors or the RBI

inspection

Important Points on Doubtful and Loss assets

A borrowal account shall not be allowed to go through normal stages of

classification when there are potential threats of recovery on account of

erosion in value of security or existence of other factors like fraud it should

straight away classified as doubtful or loss assets.

If the security given by the borrower has been eroded more than 50% which

was accepted by RBI or bank at the time of last inspection the same should be

classified as doubtful category and provisioning should be made accordingly.

If the realizable value of the security as assessed by bank or approved valuers

or RBI is less than 10% of outstanding in the borrowal accounts, the existence



of security should be ignored and the asset should be straight away classified

to loss category.

Salient Points relating to NPA norms

Generally banks should recognize income on NPAs only on cash basis and

not on accrual basis. (This rule is applicable even for government guaranteed

advances also)

Interest on advances against term deposits, NSCs, KVPs, IVPs, Life policies

may be taken on accrual basis subject to availability of adequate margins

Once an account is marked NPA all the unrealized interest and other charges

debited to borrowers’ account should be reversed. Also the banks should stop

charging income and other charges to borrowers’ account. However banks

can charge interest and other charges to borrower’s account which may be

kept off the books.

Interest realized on NPAs may be taken to income account provided the

credits in the accounts towards interests are not out of fresh / additional

credit facilities sanctioned to the borrower concerned.

In the absence of a clear agreement between the bank and the borrower for

the purpose of appropriation of recoveries in NPA (i.e. towards principal or

interest due) banks should adopt an accounting principle and exercise the

right of appropriation of recoveries in a uniform and consistent manner.

Advances guaranteed by central government need not be classified as NPA

Will become NPA if the government repudiates guarantee.



Income recognition should be continued to be on cash basis even if the central

government does not repudiate but the account becomes NPA as per norms.

Hence a central government guaranteed account though not classified as NPA

(though they are NPAs as per norms) income should be recognized only on

cash basis.

Above exemptions are not available to state government guaranteed

advances.

Advances under consortium agreements

Asset classification should be based on record of recovery of individual

member banks

Where the remittances of borrower are pooled with one bank and where the

bank receiving remittances are not parting with the share of other banks, the

account will be treated as not serviced in the books of other member banks

and therefore to be treated as NPA.

Where member banks are able to get a declaration as to sharing of recovery

that can be treated as express consent for transfer of share of recovery.

Up gradation of loan accounts classified as NPA

If arrears of interest and principal are paid by the borrower in case of loans

classified as NPAs, the account no longer should be treated as NPA and

upgraded to “Standard category”

Different principle for up gradation of restructured accounts is dealt in

separately.



NPA norms relating to Project loans

Any loan given to borrower for setting up of any economic venture is called

project loans

Example – setting up of a manufacturing unit – expansion of installed

capacity – Construction of bridges, roads, dams etc.,- Purchase of a machinery

Banks must fix a date of commencement of commercial operations (DCCO)

for all project loans at the time of sanctions / financial closure.

Project loans

Infrastructure

NPA if fails to achieve

COD within 2 years

from the original COD

date irrespective of

record of recovery

Non-Infrastructure

NPA if fails to achieve

COD within 1 year from

the original COD date

irrespective of record of

recovery



Key Exception Reports

List of accounts which has not been renewed for more than 180 days

List of accounts where no interest has been applied though performing

advances

List of accounts where no DP / DP is not available

List of accounts where transaction has happened in inoperative accounts

List of accounts where no processing or inspection charges are debited

List of accounts where transaction has happened in non-banking hours

Resolving Limited period of time in bank audit

70-80% of audit can be completed by visiting the branch in March itself.

Following areas are instances

o Audit of loans

Infrastructure

loans

Involving court

cases

DCCO can be

extended for a

further period of 2

years

Other than court

cases

DCCO can be

extended for a

further period of 1

year



o Potential NPA accounts

o Obtain NPA reports for any date before March 31

o Verification of new loans given

o Audit of NPA accounts – Correctness in classification of NPA dates –

realizable value of security

o Audit of Restructured accounts

Following points in LFAR can be completed before March 31 itself

o Cash / securities verification

o Insurance cover on assets / cash

o Verification of BRS

o Guarantees and LCs

o Suspense account analysis

o Compliance with policies and procedures

o Audit of loans

o Main work of TDS compliance can be completed before March 31 itself

o Perusal of various reports can be completed in March itself

Restructuring of Advances Meaning

A restructured account is one, where following concessions in the form of

modifications of terms of advances are given to borrowers

o Alteration of repayment period i.e. no of installments

o Alteration of repayable amount / amount of installments

o Alteration of rate of interest (Other than competitive reasons)

o Funding the unserviced interest.



Above concessions are granted by banks because the borrower is in a financial

difficulty due to economic or legal reasons.

Extension or deferment of EMI to class of borrowers will not be called as

restructuring of advances.

Basically restructuring involves loss to the bank in the form of erosion in fair

value of advance.

Normal Asset Classification norms will not apply to a restructured account

An account should be immediately classified as Sub-standard asset once it is

restructured.

Relief for MSME Borrowers registered under GST

Circular No RBI / 2017-18 / 129.DBR.BP.BC.NO.100/21.04.048/2017-18

dated 07.02.2018 on “Relief for MSME Borrowers registered under Goods and

Services Tax-GST” provides an additional 90 days beyond the existing overdue

period of 90 days for recognition of MSME borrowers as a Non-Performing Advance

in terms of the extant Income Recognition and Asset Classification norms in terms of

the Master circular dated July 1, 2015. The RBI circular prescribes that exposure of

banks borrower classified as micro, small and medium enterprise under the “Micro,

Small and Medium Enterprises Development (MSMED) Act, 2006 shall continue to

be classified as a “Standard Asset” subject to following conditions:

The borrower is registered under the GST regime as on January 31, 2018.

The aggregate exposure, including non-fund based facilities, of banks and

NBFCs, to the borrower does not exceed ₹ 250 million as on January 31, 2018.



The borrower’s account was standard as on August 31, 2017.

The amount from the borrower overdue as on September 1, 2017 and

payments from the borrower due between September 1, 2017 and January 31,

2018 are paid not later than 180 days from their respective original due dates.

A provision of 5% shall be made by the banks/NBFCs against the exposures

not classified as NPA in terms of this circular. The provision in respect of the

account may be reversed as and when no amount is overdue beyond the

90/1201 day norm, as the case may be.

The additional time is being provided for the purpose of asset classification

only and not for income recognition, i.e., if the interest from the borrower is

overdue for more than 90/1202 days, the same shall not be recognized on

accrual basis.

Revised Framework on Resolution of Stressed Assets – Feb 12,2018

Above framework defines “Restructuring” as an act in which a lender, for

economic or legal reason relating to the borrower’s “financial difficulty” grants concessions to the borrower.

Non-Exhaustive list of signs of “Financial Difficulty”

Irregularities in CC/OD accounts such as inability to maintain stipulated

margin basis or drawings exceeding sanctioned limits, periodic interest

debited remaining unrealized.

Failure / anticipated failure to make timely payment of installments or

interest on term loans.

Delay in meeting commitments towards payments of installments due,

crystallised liabilities under LC/BG

Excessive leverage;



Inability to adhere to financial loan covenants;

Failure to pay statutory liabilities, non-payment of bills to operational

creditors etc.,

Non-submission or undue delay in submission or submission of incorrect

stock statements and other control statements, delay in publication of

financial statements and adversely qualified financial statements;

Steep decline in production figures, downward trends in sales and fall in

profits, margin erosion etc.,

Elongation of working capital cycle, excessive inventory building up;

Significant delay in project implementation;

Downward migration of internal / external ratings / rating outlook.

PRACTICAL EXAMPLES

1. Raj traders, a P a r t n e r s h i p firm enjoys a cash credit limit of Rs.100 lakhs

the account is operated within the sanctioned limit. The borrowers

statements contain the following details stock Rs. 150 lakhs debtors Rs. 50

lakhs and creditors Rs.60 lakhs, margin 20%. The account is continuously

operated between the range of Rs. 80 Lakhs to Rs. 100 Lakhs for 90 days.

Ascertain the asset classification of the CC account.

2. X Bank has added advance given to creditors for the purpose of calculation of

DP. However auditor of the bank argues that since the sanction is silent on

this issue the same can not be added for the purpose of DP. Is the stand of the

auditor correct?



3. X ltd, enjoying a C a s h C r e d i t l i m i t o f Rs.500 lakhs sanctioned on 1st

October 2016 has been a very good account operating within the sanctioned

limit, however d u e t o t h e b r a n c h n o t having adequate officers his

C/C limit has not been renewed since 30.08.2017

4. ABC Bank has not renewed Xltd’s cash credit account for more than 6 months.

However the same is reviewed as per bank’s credit policy two times under

branch manager’s power. Hence the bank treats the same as standard. Do you

agree?

5. ABC bank has given financial guarantee of Rs. 1 C to one of the suppliers of X

ltd. The supplier has invoked the guarantee and the bank has paid Rs. 1C to

the supplier. Upon payment, Rs. 1 C is debited to CC account on 02nd March,

2018. X ltd has not routed any collection in CC account till 10th April, 2018.

Decide the Asset classification of X ltd.

6. ABC Bank has extended OD facility to Y Ltd on the basis of mortgage of

immovable property. Y ltd never has the practice of getting stock statement.

But the OD account is not out of order. Decide the Asset classification.

7. Rajesh , a Manufacturer obtained a Temporary Overdraft of Rs. 2 lakhs for 6

months and the same is due for renewal on 31/08/2016. The Overdraft is

secured against LIC Policies of Rs.3.0 lakhs. Surrender value of the policy

comes to Rs. 2.5 lakhs. Ascertain the asset classification of Mr. Rajesh. Will

your answer be different if the surrender value of LIC policy is Rs. 1.80 lakhs?

8. Mr. X has obtained jewel loan of Rs. 5,00,000. He has not paid installement as

well as interest for the past 6 months. Market value of jewellery as on the

reporting date is Rs. 5,50,000. Ascertain the asset classification of the account.



9. A software development company is in the process of developing a new

product for automobile industry worth Rs. 10 Crore. The software

development company enjoys a DP of Rs. 30 crore in which afore said

software under development forming part of DP. Afore said software is under

development for 2 years.

10. Quality hotels a star hotel enjoys a cash credit limit of Rs. 1 Crore against

hypothecation of stocks and are regular in furnishing stock statements. Their

annual turnover is Rs. 12 crore. Operation in the account is satisfactory and

within the limit.

11. Raju& Co has been a term loan for purchase of machinery of Rs. 5 Crore on

13.09.2017. Repayment starts from 01.12.2017. However the party has not

serviced interest debited and repayment is also not made till 28.02.2018. The

branch has obtained RO sanction and altered repayment period to start from

02.05.2018. Decide the Asset classification.

12. While doing audit of a branch, the statutory auditor come across a situation

wherein stock audit report of a large borrowal account reveals adverse

remarks on the availability of stock. As per report on the day of visit by stock

auditor value of stock available at the unit is far less than one reported in

stock statement. Limit operated is Rs. 3 Crore. Also last year balance sheet of

the borrower reads as follows.



LIABILITIES

RS (in

Lakhs)

ASSETS

RS (in

Lakhs

Capital 400 Fixed Assets 400

Cash Credit 300 Current Assets

Sundry

Creditors

150 Stock 300

Debtors

More than 6 months 50

Upto 6 months 100

Total 850 850

Rajiv has availed a term loan for purchase of car of Rs. 10 lakhs. He has not paid 2

months installments. However while going through his loan file, auditor comes

across a letter to controlling authority that it has come to the notice of the branch that

his carhas been stolen. Decide the asset classification as on 31.03.2018



7th Installation Office Bearers 2018-19 with 3 Hrs CPE on “Recent Professional Challenges” on 4th March 2018

Investor Awareness Programme at Sivakasi ICAI Bhawan on 4th March 2018

SIRC Chairman Official Visit and Women’s Day Celebration on 9th March 2018

EVENTS MARCH 2018



Career Counselling Programme at “ A.K.D.Dharma Raja Women’s College, Rajapalayam” on 14th March 2018

6 Hrs CPE Seminar on “Bank Audit” on 17th March 2018



08.04.2018 – Career Counseling Programme at ICAI Bhawan, Sivakasi

21.04.2018 – 3 Hrs CPE Seminar

28.04.2018 - 6 hrs CPE Workshop on “Capacity Building Measures for Practitioners”

Career Counselling Programme at “ Ayya Nadar Janaki Ammal College, Sivakasi” on 21st March 2018

Joint Seminar on “Accounting Standard” at “ Ayya Nadar Janaki Ammal College, Sivakasi” on 21st March 2018

FORTHCOMING EVENTS

sivakasi branch of sirc of...

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