LFAR in the Bank Branch Audit

Q.1) Who prepares the Detailed questionnaire of LFAR?

• Auditor

• Head office

• Branch Management

• RBI

Q.2) Whether LFAR is not a Substitute for Main Audit Report?

• True

• False

Q.3) How many reports are to be given by Bank Branch Auditor?

• Two

• Three

• Four

• Five

Q.4) Last date of submission of LFAR Report?

• 31 March

• 12 April

• 30 June

• 31 December

Q.5) As per revised LFAR, Criteria for large advances?

• 5% of Aggregate advances or 2 Cr whichever is less

• 10% of Aggregate advances or 10 Cr whichever is less

• 15% of Aggregate advances or 2 Cr whichever is less

• 10% of Aggregate advances or 10 Cr whichever is more

Q6) Which is not a step to be followed by the auditor in examining credit appraisal?

• Obtain credit policy of the bank including circulars for delegation of power issued by Head office.

• Verify that any deviation are approved by competent authority mentioned in credit policy.

• Examine the sanction letter and verify from the system that correct rate of interest is being entered.

• Verify the creditors of the bank

Which major Bank Audit Kalani&Co have?

• HDFC bank

• AU small finance

• AU Bank

• PNB

Which annexure specifies the format of Branch Audit?

• Annex II

• Appendix as part of Annex II

• Annex III

• None of these

Which of the following is not a Regulator of Bank?

• RBI Act, 1934

• Banking Regulation Act,1949

• SEBI Act, 1992

• SBI, 1955

LFAR & Main Audit Report are to be issued -------- ( fill in the blank)

• Simultaneously

• Within a period of 7 days

• Within a period of 30 days

• Within a period of 60 days