Branch Audit Checklist in Excel

Branch audits provide an in-depth assessment of all processes and procedures at a bank branch, helping identify risks that could impede business operations and optimize them, while mitigating any financial penalties or legal ramifications from occurring.

Utilizing an audit checklist template enables auditors to maximize the results of their evaluation by inspecting every process and assuring compliance with individual specifications and procedures.

Verify Nostro Reconciliation
Utilizing an excel bank reconciliation template can streamline reporting. This template uses functions such as VLOOKUP and SUMIF to quickly match deposits from an accounting system with bank statement debits for quick verification, while providing visual representation of results.

Assure that all outstanding audit items from previous branch audits have been effectively addressed. Examine interest trends compared to average annual deposits (monthly average figures). Also examine appraisal systems, files of large as well as critical borrowers, sanctions disbursement renewal documentation systems securities etc ensuring compliance with sanction terms and conditions.

Locate any successful processes or procedures completed at the branch that could be replicated at other branches, determine if staff adhere to credit union procedures for setting up new members with online banking access and check if all safe deposit boxes have been accounted for before verifying that all state and federal regulatory signage requirements have been met.

Classification of Revenue
All accruals (expenses incurred or revenues earned) must be recorded accurately, especially when creating balance sheets for payments pending. For instance, if your company provided services in January but didn’t receive payment until February, any profit earned should be recorded as soon as possible in January.

The branch must verify whether borrowers’ accounts have been classified as Standard, Doubtful or Non-Performing Assets in accordance with RBI norms/circulars and that income recognition and provisioning is conducted according to these norms/circulars. An auditor may request a list of such accounts that have been identified either by branch auditors or external/in-house auditors but have yet to be written off by either.

Lastly, the branch audit checklist in Excel requires that branches assess the accuracy and compliance with credit union fixed asset set-up/transfer procedures for fixed assets. Auditors should then select a sample of fixed assets to compare to FATS listings against physical inventory to observe compliance with procedures.

Verify Locker Rent
Utilizing this branch audit checklist, check that locker rent is collected on time and properly accounted for. In addition, check whether the locker register is maintained correctly with any deviations being adequately justified by satisfactory explanation. Furthermore, verify if GST has been deducted on interest income from term deposits as required under Form 15H/15G received by the bank.

Reconcile assets (vaults, etc.) in each branch with FATS reports and address any discrepancies found therein. Confirm adherence to policy/procedures regarding night deposit procedures; verify if all state/federal regulatory signs are displayed prominently at each location;

Verify Stationary
This Excel Utility will assist members in conducting branch audits in an efficient and systematic way, saving both time and money by eliminating printing documents or manually entering data into databases. Furthermore, its automation features minimize errors caused by repetitive tasks.

Audit the vault funds with the presence of an employee (at no time should auditor be left alone with drawer funds), ensure vault levels meet members’ needs, obtain samples of teller cash drawers for inspection and ensure keys are locked when unattended and closed when unattended when unattended, compare currency/coin amounts between OSI and the branch branch’s currency/coin amounts, verify procedures regarding “slush funds and whistleblowing; determine whether dual control access to VISA cards are maintained; observe compliance with credit union VISA card policies while recording any successful processes implemented within branches for possible implementation as corporate practices.