You are the internal auditor of FCD Bank Limited for the year 2017-18 and the bank maintains all the data on computer. You are instructed by your senior to verify the loan against fixed deposits of the Navi Mumbai branch. As per the scope of audit, you need to ensure that proper lien has been marked on all the fixed deposits against which loan has been issued. Which of the following procedure you will follow for the same: - Study24x7
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You are the internal auditor of FCD Bank Limited for the year 2017-18 and the bank maintains all the data on computer. You are instructed by your senior to verify the loan against fixed deposits of the Navi Mumbai branch. As per the scope of audit, you need to ensure that proper ...

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A

Ensure that all the fixed deposit receipts are attached along with the approved loan documents.

B

Ensure that all the fixed deposit receipts, against which the loan has been sanctioned, are discharged in favor of bank and check that the lien is marked in the computer software.

C

Discuss the process followed for lien marking with the branch manager.

D

Ensure that all the fixed deposit receipts, against which the loan has been sanctioned, are discharged in favor of bank, check that the lien is marked in the computer software and the fixed deposit should be kept separately with the branch manager.

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