Shashank Gupta asked 5 years ago
In the last video lecture on PE, you have mentioned that the Statutory auditor of the bank cannot be the stock auditor of its customer, but in the text of the book, this is not written. Please confirm the same. Thank you sir 🙂
1 Answers
Ravi Staff answered 5 years ago
Page 20.61
A chartered accountant who is the statutory auditor of a bank cannot for the same financial year accept stock audit of the same branch of the bank or any of the branches of the same bank or sister concern of the bank, for the same financial year.
Stock Audit is ordered by bank for its customers with funding of 5 crores or more in the form of CC against stock. So its service to bank by doing examination of borrower