CONCURRENT AUDIT PROCEDURES AT ICICI BANK - RPC

A Project
submitted in partial fulfilment of the requirements
for

The award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

BY

JAYANT MISHRA (MBA/2007/2009)

DEPARTMENT OF MANAGEMENT
BIRLA INSTITUTE OF TECHNOLOGY, MESRA

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 RANCHI

2009-11

DECLARATION CERTIFICATE

This is to certify that the work presented in the project entitled

“CONCURRENT AUDIT PROCEDURES AT ICICI BANK - RPC ” in
partial fulfilment of the requirement for the award of Degree of Master of
Business Administration of Birla Institute of Technology , Mesra, Ranchi is
an authentic work carried out under my supervision and guidance.

To the best of my knowledge, the content of this project does

not form a basis for the award of any previous Degree to anyone else.

(Guide’s Name & Signature )

Dept. of Management

Birla Institute of Technology,

Mesra ( Lalpur Extension Center ) ,

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 Ranchi.

CERTIFICATE OF APPROVAL

The foregoing project entitled “CONCURRENT AUDIT PROCEDURES AT

ICICI BANK - RPC”, is hereby approved as a creditable study of research
topic and has been presented in a satisfactory manner to warrant its
acceptance as prerequisite to the degree for which it has been submitted.

It is understood that by this approval, the undersigned do not necessarily

endorse any conclusion drawn or opinion expressed therein, but approve
the thesis for the purpose for which it is submitted.

(Internal Examiner) (External Examiner)

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 ACKNOWLEDGEMENT

The pleasure and the satisfaction of the completion of our summer internship project
would be impossible without the support and the guidance of few, who spared there
valuable time for us apart from their regular schedules. They have been the source of
inspiration towards the progress of our project.

Profound sense of gratitude is due to Mr. DAYASHANKAR, CA, PARTNER, DINESH

K. YADAV & ASSOCIATES who helped us to clarify my thoughts & guided me to
conduct the training in the right direction.

I am also thankful to Mr. RAKESH KUMAR, Concurrent Auditor & Mr. UTTAM KUMAR,
Head, ICICI BANK – RPC Jamshedpur who provided us with all the required
information on the concurrent audit procedures.

Special thanks to our project guide Mr. Avinash Sinha for guiding me & giving me
valuable advice. This project has been made possible through direct or indirect
cooperation of various persons for whom I wish to express my appreciation & gratitude.

JAYANT MISHRA
(MBA/2007/09)

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OBJECTIVES
OF THE
STUDY

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 OBJECTIVES OF THE STUDY:

• To collect information regarding back office operational activities with special

reference to savings account only.

• To know how to face the problem of corporate world.

• To face original banking situations regarding audit and to gain real accounting
experience.

• To enhance the knowledge and skills by working in Chartered firm.

• To apply the theoretical knowledge in corporate sector.

• To face the problem of corporate world and tackle them in polite way.

• To know about facilities provided by ICICI Bank.

• To fully understand the fundamentals of banking operations.

• To understand the proper functioning of RPC.

• To understand different aspects of concurrent audit.

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 RESEARCH
METHODOLOGY

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 METHODOLOGY

• Research is common refers to search for knowledge. It is the pursuit of truth with
the help of study, observation, composition and experiment.

• Research methodology is a systematic way to solve the research problems.

• It helps in studying the various steps that are adopted by the researcher to study
the research problems along with the logic behind the It describe mail what must
be done, how will be done. What data will be needed and how the data will be
analyzed.

SAMPLE SIZE

Sample size: 100, from each type of AOFs.

Source of data: only secondary data used

Secondary data: AOFs Samples, Bank Records and through internet.

DESCRIPTIVE RESEARCH

Descriptive research includes surveys and fact-finding enquires of different kinds. The
major

purpose of descriptive research of the state of affairs as it exists at present. In social

science and

business research, we quite often use the term Ex post facto research for descriptive
research

studies.

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SAMPLING PROCEDURE

This refers to the procedure by which the respondents should be chosen. In order to

obtain a representative sample, a probability sample of the population was drawn.

Probability

sampling can be of the following types.

- Simple random sample

- Stratified random sample.

- Cluster (area) sample.

In this case, Stratified random sampling was done.

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 TABLE OF CONTENTS

CONTENTS PAGE NO.

Introduction to the Industry: 11

a. Banking

b. Concurrent Audit

Company Profile: 40

a . ICICI Bank

b. Dinesh K . Yadav & Associates.

Data Analysis & Interpretation. 46

Results and Findings 50

Conclusion 52

Recommendations 54

Limitation of the Study 56

References 58

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INTRODUCTION
TO THE
INDUSTRY

11
A. INTRODUCTION TO BANKING

In the past i.e., before the introduction of money there was a barter system. When the
Money came into vogue its use was limited to buying and selling activities only. Growth
of economy consequent upon development in the fields like communication, science,
transportation has necessitated the increase in the usage of money. With the growth of
money the use of credit instruments also increased. The origin of Banks can be traced
the money lenders who used to lend money for business purpose and also used to
accept the deposits from friends, relatives and others in a limited sense. The growth in
the fields like trade, commerce, industry, science and technology has accelerated the
growth of banking sector. Today the Banking industry has become a part and parcel of
the Economic system and we today cannot imagine economy or growth in the economy
without Banks.

MEANING AND DEFINITION OF BANK AND BANKERS

The word Bank associated with the Institution dealing in money raised from the public.
In other words Banks is an institution which borrows money from public in the form of
deposits and creates credit by lending it to the needy. According to Kinley , “A Bank is
an establishment which makes to individuals such advances of money as may be
required and safely made, on to which individuals entrust money when not required by
them for use”. Normally a Bank receives deposits from the public and supplies credit to
manufacturers, businessmen, agriculturists, artisans and other productive purposes for

the economic groeth of the country. In the words of Hart “A Banker is one who in the
ordinary course of his business, receives money which he repays by honoring cheques
of persons from whom or on whose account he receives it”. According to World Bank
Encyclopedia, “Bank is a business establishment that safeguards people’s money and
uses it to make loans and investments .According to Cowther, Banker is “a dealer in
debt of his own and other people’s.

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HISTORY OF BANKING IN INDIA

Though the history of banking in India can be traced back to the activities of money
lenders, Banking as institution acquired its importance during the British rule.
Government’s action in popularizing the word ‘social banking’ and subsequent
nationalization of 14 commercial banks in 1969 and subsequently 6 more commercial
banks has led to rapid growth of banking industry in India with the Government
directions/support and RBI directives .

All the nationalized commercial banks are now considered as public sector banks. They
are owned, managed and controlled by the public authority. Profits earned by the
public sector banks will be a source of income for Govt of India. In other words the
Banks contribute to the Exchequer of the Government. The profits thus contributed by
the banks will be used to promote social welfare and this is how the word banking has
transformed as social banking in the Indian context. The first bank in India, though
traditional, was established in 1786. From then till today the Indian Banking System can
be segregated into three different period as under:

PERIOD I ( 1786 to 1969): The History of the Banking sector in India goes back to the
period of setting up of The General Bank of India in the year 1786.The Bank of
Hindustan and Bengal subsequently. In 1920 three banks, established by the East India
Company, namely (i) Bank of Bengal (ii) Bank of Bombay and (iii) Bank of Madras were
amalgamated and the Ban k called Imperial Bank of India was started with private
European share holders.

During this period, the banks experienced periodic failures as there were
approximately 1100 small banks and as they were small in size they could not cope up
with the requirements of growing needs of the industry. The failure of banks created
suspicion in the minds of public and the public started loosing confidence in the
Banking system which was in primitive stage. As an aftermath the deposit mobilization
was slow. Then, the Government of India came up with the Banking Regulation Act

1949.Reserve Bank of India was vested with extensive powers for the supervision of
banking in India as the Central Banking Authority.

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PERIOD II ( 1969 to 1991): The Government of India took most important steps for
improvement of banking sector especially after independence. As a first step the Govt.
of India formed State Bank of India in 1955 by nationalizing the Imperial Bank of India
with extensive banking facilities and as the principal agent of RBI. At places where there
are no offices of RBI State Bank of India will act as agent of RBI. State Bank of India
functions as commercial bank in India. Subsidiary banks of State Bank of India were
fully nationalized in 1969.) It may not be out of place if we mention here that the late
Prime Minister Indira Gandhi was the mentor of the present well established Banking
Sector. Nationalization of Banking has led to rapid growth of banking in India by way of
branch expansion, covering large chunk of population under banking. After the
nationalization the growth in deposit has increased by 800%and in advances by a
massive 11000%. The nationalization and subsequent growth of Banking Industry has
made the Indian public gain confidence in the Banking Industry and the Banking
industry has become inevitable for overall growth of the economy.

PERIOD III (From 1991 till now): After the introduction of Narasimhan Committee
recommendations in the year 1991, the Banking industry is flooded with many new
products like, telebanking, mobile banking, ATM facility, electronic fund transfer – both
inter bank and intrabank, anywhere banking facility. Recently with the introduction of
Core Banking facility has completely changed the banking concept. With the
introduction of Core banking facility a customer of one branch can transact with that
branch through any other branch of that particular Bank. In other words the customer of
particular branch has become the customer of the Bank itself.

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15
Banking set-up in India: Banks in India can be classified as under

ORGANIZED BANKING SECTOR UNORGANIZED BANKING SECTOR

Reserve bank of India(Central bank in Indigenous Bankers –money lenders,

India) pawn brokers etc.

State Bank of India and subsidiaries of

State bank of India

Nationalized Commercial Bank

Other Commercial Banks

Branches of Foreign Banks

Co-operative banking institutions

Regional rural banks

Post Office saving bank

The banks in India are being separated in diverse groups. Each group has their own
benefits and limitations in operating in India. Each has their own dedicated target
market. Few of them only work in rural sector while others in both rural as well as urban.

16
Many are only catering in cities. Some are of Indian origin and some are foreign
players.

On the basis of ownership the Banks in India can be classified as under:

Public Sector Banks

Private Sector Banks

Cooperative Banks

Regional Rural Banks

|Foreign Banks in India

The commercial banking structure in India consists of:

Scheduled Commercial Banks in India

Unscheduled Banks in India

Scheduled Commercial Banks in India:

Scheduled Banks in India constitute those banks which have been included in the
Second Schedule of Reserve Bank of India (RBI) Act, 1934.

Unscheduled Banks in India:

"Non-scheduled bank in India" means a banking company as defined in clause (c) of

section 5 of the Banking Regulation Act, 1949, which is not a scheduled bank". The last
decade has witnessed the maturity of India's financial markets. Since 1991 Government
of India took major steps in reforming the financial sector of the country. Lot of changes
has taken place in fields like, financial markets, banking system, non-banking finance
companies, capital market, and mutual funds, etc. The financial system of India has
shown a great deal of buoyancy. The Indian economy has survived from crises while
economies of other countries have suffered or collapsed due to their incapability to
withstand the jolt or shock caused by internal or external factors. The flexible exchange

17
rate regime, increasing foreign exchange reserves etc., have made the Indian Economy
very strong

SCHEDULED PATTERN OF COMMERCIAL BANKS IN INDIA

Nationaliz
Scheduled
Foreign
State
Private
Regional
New
Old
Scheduled
Urban
ScheduledCo-
Public
ed Banks
Banks
Co-
Sector
Rural
Private
Operative
Co- in Banks
Banks
Sector
Commercial
Operative
Banks
India
Banks
Banks
banks
Banks
Banks

State Bank
of India &
its
Associates

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BANKING INDUSTRY IN INDIA:

In India, the first joint stock bank was the Bank of Hindustan, established in 1770. In
1881, came the Oudh Commercial Bank as a purely Indian joint stock bank, followed by
the Punjab National Bank in 1894. The East India company established three
presidency banks in Calcutta, Bombay and Madras. These banks were amalgamated in
1921 into a single bank called the Imperial Bank of India. It served as a Government’s
bank till the arrival of a Central Bank namely Reserve Bank of India in 1935. RBI was
nationalized in 1949. Banking Act in India were passed in 1946 and in 1949.

The year of 1949 was a watershed in the banking history of India. 14 major Commercial
Banks were nationalized on 19th July 1969. There was denationalization on 10th
February 1970 by the order of Supreme Court based on writ petition filed after a
prolonged hearing challenging the validity of the act. But on 14th February, 1970 a new
Ordinance was promulgated to remove loopholes in earlier Act and to renationalize 14
major Indian commercial banks, namely:

Central Bank of India

Punjab National Bank

United Bank of India

Bank of Baroda

United Commercial Bank

Canara Bank

Dena Bank

Syndicate Bank

Union Bank of India

Allahabad Bank

Indian Bank

Bank of Maharastra

Indian Overseas Bank

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Bank of India

After first phase of nationalization again on 15th April 1980, six more banks were
nationalized. They are –

Andhra Bank

Corporation Bank

New Bank of India

Orienal Bank of Commerce

Punjab and Sindh Bank

Vijaya Bank

PROSPECTS OF THE INDUSTRY:

All the banks are forced to struggle to retain their identify and maintain the growth
process in the changed scenario, marked with the following features.:

• Deployment of the additional funds available consequent to the reduction in

Statutory Reserve Requirement, in a profitable manner.
• Servicing of increased external funds mobilized/received to meet the prescribed
norms of Risk Assets Ratio (CRAR)
• High volume of non performing assets creating an adverse impact on the return
on advances.
• Market determined interest rates, investing in low yield on Government
securities, instead of extending the loan portfolio.
• Enhanced competition with the entry of new private sector banks.
• Rejuvenated public sector banks re-emerging at the market place with their
inherent strength, to claim their market share.

Liberalization and de-regulation process started in 1991-92 has made a sea change in
the banking system. From a totally regulated environment, the Indian banking has
gradually moved into a market driven competitive system.

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The concept of universal banking is gaining momentum on the strength of increased
coverage of activities between developing Financial Institutions and banks

The traditional banking functions would give way to a system geared to meet all
financial needs of the customers. We could see emergence of highly varied financial
products, which are tailored to meet specific needs of the customer in the retail as well
as corporate segments. Retail lending will receive greater focus. Banks would compete
with one another to provide full range of financial services to this segment.

Mergers and acquisitions would gather momentum, as managements will strive to meet
the expectations of stakeholders.

Corporate governance in banks and financial institutions would assume greater

importance in the coming years.

A major challenge in improving organizational effectiveness of banks lies in

strengthening their capabilities of risk management. RBI has advised the banks to
implement the system of Asset Liability Management in accordance with its guidelines.
It involves quantification of risk and conscious decision making with regards to asset
liability structure in order to maximize interest earning within the frame work of
perceived risk.

Human resource development would be another key factor defining the characteristics
of a successful banking institution. Employing and retaining skilled workers and
specialists, retraining the existing workforce and promoting a culture of continuous
learning would be a challenge for the banking institution.

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A. EVOLUTION OF CONCURRENT AUDIT IN BANKS :

Introduction

Though a system of concurrent already in existence in large and exceptionally large

bank branches, it was formally introduced by the Reserve Bank of India vide its circular
of October 1993. This measure of the Reserve Bank of India arose out of the
recommendations of the Ghosh Committee on Frauds and Malpractices in Banks. In its
said circular, the banking regulator explained concurrent audit as being “an examination
which is contemporaneous with the occurrence of transactions or is carried out as near
thereto as possible. It attempts to shorten the interval between a transaction and its
examination by an independent person.” The primary objective if the introduction of a
formal system of concurrent audits in banks was to “serve as an administrative support
to branches, help in The RBI circular also clarifies that concurrent audit is essentially a
management process.The importance of concurrent audit was highlighted by the
banking regulator as being essential for:

• Sound internal accounting functions

• Effective controls

• Setting the tone for vigilance internal audit to preclude incidence of serious errors and
fraudulent manipulations.

The regulator, however, made it amply clear that the concurrent auditor would not sit on
the judgment of the decisions taken by the branch manager or an authorized official.
Subsequently, a working group was set up by RBI under the Chairmanship of Shri
Jilani, (the then Chairman, Punjab National Bank) for reviewing the working of

concurrent audit system in banks and giving its recommendations for improving it.
Further, some of the Public Sector Banks had also sought additional guidelines on the
scope of the system, coverage, reporting procedures, remuneration payable to
Concurrent Auditor, etc. Accordingly, RBI, in consultation with Audit Sub-Committee of
the Board for Financial Supervision , revised the guidelines vide its circular dated 14th
August 1996. RBI issued another circular on 12th August 1997 in connection with
Concurrent Audit System – Foreign Exchange Transactions - Enlargement of scope.

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The objectives of concurrent audit thus can be enumerated below: -

� To supplement efforts of the Bank in carrying out simultaneous internal checks of

transactions and compliance with the systems and procedures of the Bank.

� To perform substantive checking in key areas and rectification of deficiencies in the

earliest possible period to preclude the incidence of serious errors and fraudulent
manipulation.

� To reduce the interval between a transaction and its examination by an independent

person not involved in its documentation.

� To improve the functioning of the branch, leading to up gradation of working of the

branch and prevention of fraud

� Compliance with internal control as well as RBI/Government of India guidelines.

� Identification of areas/activities requiring corrective action and urgency.

The concurrent auditor is engaged to supplement the efforts of the branch in carrying
out simultaneous internal check of transactions and other verifications and compliance
with the stipulated procedures laid down. In particular, it should be seen that: -

• The transactions are properly recorded/documented and vouched

• The irregularities are rectified immediately

• The systems and procedures of the bank are implemented properly

• The transactions are performed or decisions are taken within the policy parameters
stipulated by the Head Office, and is not violating the instructions or policy prescriptions
of the RBI

• The delegated authority is exercised and the same is within the terms and conditions
of the delegated authority.

In very large branches, which have separate sections dealing with specific activities,
concurrent audit is a means by which the branch in-charge can ensure that the different
sections function within parameters and procedures.

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Relationship Between Risks Based Internal Audit and Concurrent Audit:

The concurrent auditor does scrutinize the important and vital transaction of the
branches having qualitative magnitude of the bank/branch business. It facilitates
correction of irregularities in least possible period so as to minimize the incidence of
errors/irregularities and fraudulent manipulations. Whereas in case of the risk based
internal audit, the focus will shift from the present system of full scale transaction testing
to risk identification, measuring the risk, prioritization of audit area, periodicity, and
allocation of audit resources in accordance with the risk assessment of the bank
/branches.

Scope of concurrent audit :

Concurrent audit is an examination which is contemporaneous with the occurrence of

transactions or is carried out as near thereto as possible. It attempts to shorten the
interval between a transaction and its examination by an independent person not
involved in its documentation. There is an emphasis in favour of substantive checking in
key areas rather than test checking. This audit is essentially a management process
integral to the establishment of sound internal accounting functions and effective
controls and setting the tone for a vigilance internal audit to preclude the incidence of
serious errors and fraudulent manipulations.

A concurrent auditor may not sit in judgement of the decisions taken by a branch
Manager or an authorized Official. This is beyond scope of concerned audit. However,
the audit will necessarily have to see whether the transactions or decisions are within
the policy parameters laid down by the Head Office, they do not violate the instructions
or policy prescriptions of the RBI, and that they are within the delegated authority.

In very large branches, which have different divisions dealing with specific activities,
concurrent audit is a means to the in-charge of the branch to ensure on an on-going
basis that the different divisions function within laid-down parameters and procedures.

Before acceptance of assignment of concurrent audit, it is necessary for auditor to go

through carefully the terms and conditions of audit and scope of the concurrent audit.

Scope of Concurrent Audit is very wide like a ocean. Expectation of Bank and RBI are
very high from chartered accountants. It mainly covers following:

a . General Banking

b. Forex

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c. Loans and advances

d. Compliance

GENERAL BANKING:

a. CASH
b. DEPOSITS
c. KYC/AML
d. INCOME TAX/SERVICE TAX/OTHER TAX RELATED ISSUES.

➢ GENERAL BANKING- CASH

a) Handling of cash in the branch and cash in transit. It mainly covers

i) Surprise physical verification of cash

ii) Custody of cash and cash keys
iii) Insurance
iv) Clean Note Policy
v) Re-Issues bank notes in denomination of Rs. 100 and above after checking
authenticity
vi) Facility of exchange of mutilated/soiled notes
vii) Use of ultra violet lamps for verification of notes
viii) Process of detection and impounding of counterfeit notes
ix) Updating cash transactions in computer system without delay particularly
rectification entries.
x) Bait Money
xi) Maintenance of cash records
xii) Reversal of entries outstanding in cash in transit account
xiii) Submission of cash related returns to head office
xiv) Proper accounting and reporting of inward and outward cash remittances:
Movement of cash between branches and currency chests and reporting
xv) thereof and movement of cash between branches and business houses
under door step banking facility
xvi) Cash retention limit
xvii) Cash receipt in cash collecting machines
xviii)Adherence of other cash processes

b) ATM audit.

i) Surprise physical verification of cash

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 ii) Custody of ATM cash and keys
iii) Insurance
iv) Retention limit of cash in ATM
v) Retention of ATM roles taken from ATM machines.
vi) Verification of retained cards in machine
vii) Verification of cash packets deposited in Machine
viii)Audit of daily statement prepared by branch officials at the time loading of
cash
ix) RBI license for ATM
x) Reconciliation of ATM account in GL with physical cash.
xi) Maintenance of ATM
xii) Reconciliation of account of cash replenishment agency if ATM are being
operated by outsource agency

➢ GENERAL BANKING- DEPOSITS

a) Check the transactions about deposits received and repaid

b) Checking of correct value dating of deposit transactions in the computer system

c) Checking of vouchers passed manually in respect of payment of interest on

deposits and deduction of TDS thereon

d) Checking of deduction of penalties on interest in case of premature closure of

FDR

e) Checking of conversion of term deposits, daily deposits or recurring deposits for

reinvestment in term deposits

f) Percentage check of interest paid on deposits may be made, including calculation

of interest on large deposits

g) Interest on Saving Bank Account on Daily product basis

h) Checking of important aspects with regard to interest on deposits

i) Senior Citizen interest benefit is not applicable to Non resident
ii) Extra rate of interest to staff
iii) Renewal of overdue FDR
iv) NRE can only be the joint holder in NRE account

26
 v) Renewal of deposit which are frozen by authorities
i) Activation of inoperative accounts. Operation in inoperative accounts and
payment of interest on unclaimed and unpaid term deposits

j) Check the modification of details relating to account holders as maintained in the

computer system, like change of address, addition/deletion of name, change of
signature, change in contact details like telephone no

k) Checking of accounts opened for person with Autism, Cebral Palsy, Mental
Retardation and Multiple Disabilities Act 1999
l) Date of deposit in PPF- Clarification by RBI.

➢ GENERAL BANKING- KYC AND AML

The objective of KYC guidelines is to prevent the Bank from being used, intentionally or
otherwise, by unscrupulous elements for fraudulent or money laundering activities as
enunciated in the Customer. Acceptance Policy of the Bank. The Guidelines are issued
to reinforce the existing checks and controls developed by the Bank and to ensure due
diligence while starting/extending relationship with a new/existing customer.

“Know Your Customer” guidelines for Retail Liability Resident accounts are revised
based on inputs / suggestions received from various teams, necessary approvals have
been taken for the amendments.

Checking of guidelines for know your customer (KYC) norms/Anti Money Laundering
(AML) Standards/combating of financing of terrorism (CFT)/ obligation of banks
under PMLA, 2002. Illustrative items are given below:

a) Verification of account opening forms and compliance of KYC norms.

b)
c) Checking of new accounts opened particularly current accounts.
Operation in new current/SB accounts may be verified for initial
periods to see whether there is any unusual operations.

d) Check compliance of AML guidelines in connection with foreign

currency/TC/Travel card purchase and sale

e) Accepting cash for purchase of bank drafts or pay orders or banker

cheque for an amount aggregating Rs.50000 or more during any one
27
 day (Rule 114 B (i) of Income Tax Act) but as per AML guidelines of
RBI, no PO/Bank draft for Rs.50000 and above cannot be issued by
accepting cash

f) Scrutiny of high value cash operations in newly opened account

g) Review of cash transactions for Rs.10 lacs and above

h) Review of accounts having abnormal receipts and payments and

nature of transactions not commensurate with the nature of account

i) Issuance of AML certificate

28
 Following are the list of documents required for the fulfillment of
KYC norms

Table A : Core Documents

A d d r e R s e s l a t i o n sA h g i pe
S r nD o o c u m e n t I D P r o P o r f o o f D o c u m pe nr o t o f

1 V a lid P a s s p o r t w it h p h o t o O & s i gO n a t u r eO O
P r in t e d R a t io n C a r d w it h p h o t o / A P H o u s e h o ld
2 c a r d O O O

3 S e n io r C it iz e n c a r d is s u e dO b y S Ot a t e / C e n t r a lOG o v t

4 V o t e r I D c a r d O O O
P A N C a r d is s u e d b y I n c o m e t a x d e p t /
5 U T I T S L / N S D L O O O
D r iv in g lic e n c e ( H a n d w r it t e n o r la m in a t e d ) is s u e d
6 b y r e g io n a l t r a n s p o r t a u t h Oo r it y O O

U t ilit y B ills ( E le c t r ic it y b ill, T e le p h o n e b ill) n o t

7 o ld e r t h a n 3 m o n t h s O

S t a t e m e n t o f a c c o u n t w it h A c c o u n t o p e n in g
c h e q u e o r P a s s B o o k w it h A c c o u n t o p e n in g
c h e q u e o f a s c h e d u le d c o m m e r c ia l b a n k w h ic h
A c c o u n t h a s b e e n o p e n e d a t l e a s t 3 m o n t h s e a r lie r
8 & A c c o u n t o p e n in g c h e q u e f r o Om t h e s a m e B a n k

9 D o m ic ile C e r t if ic a t e is s u e dO b y SO i k k i m G o v t .
I D c a r d w it h p h o t o g r a p h is s u e d b y G o v t o f
1 0J a m m u a n d K a s h m ir O O

29
 Table B : Other Documents

A d d r e R s es l a t i o n sA hh g ii ppe
S r nD o o c u m e nn tt I D P r o P o r fo o f D o c u m ep nnr ott o f
P I O B o o k le t f o r r e t u r n in g N R I s w it h d e t a ils o f
P e n s io n P a y m e n t o r d e r / P a s s b o o k / C a r d is s u e d
2 3C u s t o m e r p h o t o g r a p h & vOa l i d i t y m e n t io n e d O
1 1b y S t a t e / C e n t r a l G o v t o f OI n d i a O O O
E m p lo y e e I d e n t it y c a r d o f C e n t r a l/ S t a t e G o v t
A r m s L ic e n s e is s u e d b y S t a t e A/ dC de rn e Rt sr aes l a G t i o vn tsA ho g if pe
d e p a r t m e n t s / b o d ie s / d e f e n s e , P u b lic S e c t o r
S 1 2 I n
r nD o o c u m d i a a u t h
e n t o r i t i e s I D O P r o P o Or f o o f D o c u m ep Onr ot o f
2 4U n i t s / B a n k s O
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13 69BPo ufa f bin c lkii acs l . S a E ue mct h t po o l r or i Bty y ea rn kc se ,r t Ri f yB i In , Og S Et h B e I OO, r eE sX i dI M e On B t i Aa l N a Kd d r e s s
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4 1LDf o i fe r e f eg I nna css eu s r Du a pen ppc el y n P nd o oa l nit c toy Cl d a e r r d t ho ar n D 3i s cm h o a nr gt hOe s B o o r o wkO i t h
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d a t e o f B ir t h ( I D p r o o f if , d o c u m e n t is w it h a
c o m p e t e n t a u t h o r it y o r P e n s io n P a y m e n t
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4 6obD fy of i mcr e e ig c s i i ole e na cla eol rtf rt ita fh ni c e s a pBt eo a rnw t k ia t h&u t csh oio g mr n i t emy d u b n y i c Ba ta i Oon nk oa fd f idOc r e e r s s
2 0&s t ap t hi n o g t o h g i sr a np a h m i s e s &u e d d e sb i yg n d Oa i st i to r ni c t c o l l e c O t o r / d e p u t y
cE ox -m s em r vi s i cs ei o mn e a r n / ’ sd i cs at r r i dc t i sm s au g e id s t br ay t eZ i ol l ar eS q a ui n a i lk r a n k
32 13ob of f ai c r ed r s O O
2 2B a r c o u n c il/ I M A / S r . C it iz e n O c a r d O
C e r t if ic a t e b y v illa g e e x t e n s i o n o f f ic e r / v illa g e
h e a d o r e q u a l o r h ig h e r r a n k o f f ic e r is s u e d e30i t h e r
3 4o n le t t e r h e a d o r u n d e r o f f ic e s Oe a l & s ig n a t u r e
Note:
1) Voter id can be accepted as Address proof, if another ID proof from Core
document list is provided.
2) Driving license can be accepted as Address proof, if another ID proof from Core
document list is provided.

GENERAL BANKING- OPERATIONS AND HOUSEKEEPING

a) Auditing of day to day transactions in systematic manner and passing of

vouchers, more attention to be given on following issues

i) Vouchers need approval of Branch Manager and Assistant Branch manager

ii) All expenses vouchers are approved as per DFP
iii) All vouchers relating to debit to income
iv) Rectification of entries wrongly passed.
v) Passing of debit entries without feeding cheque number in system
vi) Checking of high value transactions (Cash payments/transfers/clearing
cheques for passing, availability of vouchers and debit mandate
vii) Passing of payment/cheque in accounts where signature are pending
for scanning
viii) Preparation of vouchers.

b) Review of compliance of Mitra committee recommendation at branches

c) Custody and movement of branch keys.

d) Fixed Assets physical verification.

e) Safe custody of Branch Documents. Physical verification and audit of branch

documents with Branch Document Register. Verify availability and quality of
documents like death claim cases, Issuance of duplicate DD/PO/FDR, checking
of indemnities etc

f) Audit of death claim cases documents

31
g) Physical verification of Gold, Control over sale/transfer, safe keeping and custody
of Gold

h) Physical verification of inventory, control over issue of inventory, safe keeping

and custody of inventory.

i) Physical verification of ATM cards and PINS, control over issue, safe keeping
and custody of ATM cards and PINS

j) Audit of all registers maintained at branch like inward and outward registers etc

k) Periodical balancing and reconciliation of all the GL head- on computer and

manually.

l) Review all balance sheets heads and outstanding entries in accounts. Eg.
Suspense, sundry, interbranch and interbank accounts. Ensure early adjustment
of large value entries and follow up

m) Transfer of entries in various balance sheet accounts.

n) Reconciliation of accounts with other banks

o) Investments kept at branch on behalf of corporate office

p) Verification of lockers documents and locker operations.

i) Physical verification of locker keys

ii) Audit of locker documents
iii) Stamp duty affixed on locker documents
iv) Exchange of vacant locker keys
v) Process of break open of lockers
vi) Recovery of overdue locker rent
vii) Process of permission of locker operations
viii)Linking of FDR/ FD as security for locker/ wait list/ operation of locker/ due
diligence/ un-operated lockers/ nomination/ other issues
b) Audit of clearing account/transactions:

i) Obtaining balance confirmation from Bank.

ii) Periodical reconciliation of clearing account.
iii) Entries outstanding in reconciliation for reversal and follow up
iv) Accounting of difference in clearing account

32
 v) Delay in debit to party account- Reason/Approval for TOD/recovery of
income
vi) Verify the complete process of inward and outward clearing along with
accounting of inward/outward clearing cheques bounced
vii) Interest/charges debited by clearing house

b) Verify cheque returned/bills returned and look into reason of return of those
instruments

c) Control over tax collections and remittances.

d) Audit of Government Business like PF/Pension etc

e) System Audit (Computer audit) including sharing of passwords

f) Audit of transactions relating to anywhere banking facility provided to account

holder in all branches

g) Checking of Demat operations

h) Checking of credit cards operations

i) Compliance of security arrangements at branch.

j) Report on scrutiny of staff account.

➢ EXECUTION OF AUDIT

a) Staff appointed for audit, should have computer knowledge. Ask the bank
management to provide on site training of computer system. One of senior
auditor should also attend this training.

b) All the activities of the branch should be divided on the basis of risk and audit
should be conducted according to risk involved.

33
 c) A check list covering audit program should be provided to audit staff along with %
of audit to be conducted

d) Go through the appointment letter and audit material provided by bank. See the
% of checking is to be done as per appointment letter and ensure that same is
adhered to.

e) Query sheet should be given to branch officials on day to day/weekly basis as

prescribed.

f) Replies of the branch officials should be obtained regularly and updated in draft
report .

g) Senior chartered accountant/ partner/ proprietor should visit branch periodically

to discuss the query sheets with branch manager and compliance of the same.

h) Efforts should be made for spot rectification. It will help in minimizing the
incidence of the serious irregularities and fraudulent manipulations.

i) Proper records of attendance of staff in the branch should be maintained as

required generally by appointment letters.

j) Wherever audit has been conducted on sample basis, ensure records of sample
is documented in working papers files for future

➢ QUALITY OF REPORT

a) Observations in audit report should be specific. It should not be like “ in some

case “ or “ in few cases”. All the remarks should be written with instances.

34
 b) Ensure that in report, only those items verified during the month should be
confirmed. If some areas not covered, comment should be given accordingly.

c) Wherever audit has been conducted on sample basis same should be disclosed
in audit report or sample sheet attached with the audit report.

d) Report should be made in the format provided by bank if any.

➢ TIMELY SUBMISSION OF AUDIT REPORT

a) Report is not submitted on time, purpose of concurrent audit is defeated.

b) A draft report can be handed over to branch manager by 4th of subsequent

month for his final replies and report can be signed and submitted by 7th or as
prescribed in the appointment letter.

Types of activities to be covered:

(1) The main role of concurrent audit is to supplement the efforts of the bank in carrying
out simultaneous internal check of the transactions and other verifications and
compliance with the procedures laid down.

(2) The scope of concurrent audit should be wide enough to cover certain fraud – prone
areas like handling of cash, deposits, safe custody of securities, investments, overdue
bills, exercise of discretionary powers, sundry and suspense accounts, inter-branch
reconciliation, clearing differences, foreign exchange business including Nostro
accounts, off-balance sheet items like letters of credit and guarantee, treasury functions
and credit-card business.

(3) The detailed scope of the concurrent audit should be clearly and uniformly
determined for the Bank as a whole by the Bank’s Inspector and Audit Department in
consultation with the Bank’s Audit Committee of the Board of Directors (ACB)

35
(4) In determining the scope, importance should be given to checking high-risk
transactions having large financial implications as opposed to transactions involving
small amounts.

(5) While the detailed scope of the concurrent audit may be determined and approved
by the ACB, some of the suggested items of coverage are given in the

(6) Initiate and operate a system for the appraisal of the performance on concurrent
auditors.

(7) Ensure that the work of concurrent auditors is properly documented.

(8) Be responsible for the follow-up on audit reports and the presentation of the
quarterly review to the ACB.

Suggested items of coverage:

(A) Cash

(i) Daily cash transactions with particular reference to any abnormal receipts and
payments.

(ii) Proper accounting of inward and outward cash remittances.

(iii) Proper accounting of currency chest transactions, its prompt reporting to the RBI.

(iv) Expenses incurred by cash payment involving sizeable amount.

(B) Deposits

(i) Check the transactions about deposits received and repaid.

(ii) Percentage check of interest paid on deposits may be made, including calculation of
interest on large deposits.

(iii) Check new accounts opened particularly current accounts. Operations in new
current/SB accounts may be verified in the initial periods to see whether there are any
unusual operations.

(C) Advances

(i) Ensure that loans and advances have been sanctioned properly (i.e. after due
scrutiny and at the appropriate level).

(ii) Verify whether the sanctions are in accordance with delegated authority.

36
(iii) Ensure that securities and documents have been received and properly
charged/registered.

(iv) Ensure that post disbursement supervision and follow-up is proper, such as receipt
of stock statements, instalments, renewals of limits, etc.

(v) Verify whether there is any misutilisation of the loans and whether there are
instances indicative of diversion of funds.

(vi) Check whether the letters of credit issued by the branch are within the delegated
power and ensure that they are genuine trade transactions.

(vii) Check the bank guarantees issued, whether they have been properly worded and
recorded in the register of the bank. Whether they have been promptly renewed on the
due dates.

(viii) Ensure proper follow-up of over due bills of exchange.

(ix) Verify whether the classification of advances has been done as per RBI guidelines.

(x) Verify whether the submission of claims to DICGC and ECGC is in time.

(xi) Verify that instances of exceeding delegated powers have been promptly reported to
controlling / Head Office by the branch and have been got confirmed or ratified at the
required level.

(xii) Verify the frequency and genuineness of such exercise of authority beyond the
delegated powers by the concerned officials.

(F) Housekeeping

(i) Ensure that the maintenance and balancing of accounts, ledgers and registers
including clean cash is proper.

(ii) Early reconciliation of entries outstanding in the interbranch and inter bank accounts,
Suspense Account, Sundry Deposits Account, DDRR Account, Drafts account, etc.
Ensure early adjustment of large value entries.

(iii) Carry out a percentage check of calculations of interest, discount, commission and
exchange.

(iv) Check whether debits in income account have been permitted by the competent
authorities.

(v) Check the transactions of staff accounts.

37
(vi) In cash of difference in clearing there is a tendency to book it in an intermediary
suspense account instead of locating the difference. Examine the day book to verify as
to how the differences in clearing have been adjusted. Such instances should be
reported to Head Office in cash the difference persists.

(vii) Detection & prevention of revenue leakages through close examination of income
and expenditure persists.

(viii) Check cheques returned/bills returned register and look into reasons for return of
those instruments.

(ix) Checking of inward and outward remittances. (DDs, MTs and TTs).

(G) Other items

(i) In case the branch has been entrusted with government business, ensure that the
transactions are done in accordance with the instructions issued by Government, RBI &
HO.

(ii) Ensure that the branch gives proper compliance to the internal inspection/audit
reports.

(iii) Ensure the customers’ complaints are dealt with promptly.

(iv) Verification of statements, HO returns, statutory returns.

38
COMPANY
PROFILE

39
 ICICI BANK PROFILE:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 billion (US$
81 billion) at March 31, 2010 and profit after tax Rs. 40.25 billion (US$ 896 million) for
the year ended March 31, 2010. The Bank has a network of 2,529 branches and 6,102
ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and through its specialised
subsidiaries in the areas of investment banking, life and non-life insurance, venture
capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada,
branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre and representative offices in United Arab Emirates, China,
South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has
established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the

40
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs)
are listed on the New York Stock Exchange (NYSE).

Corporate Profile

ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 billion (US$
81 billion) at March 31, 2010 and profit after tax Rs. 40.25 billion (US$ 896 million) for
the year ended March 31, 2010. The Bank has a network of 2,529 branches and about
6,102 ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and through its specialised

subsidiaries in the areas of investment banking, life and non-life insurance, venture
capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada,
branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre and representative offices in United Arab Emirates, China,
South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has
established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs)
are listed on the New York Stock Exchange (NYSE).

BOARD MEMBERS:

The ICICI Bank’s board comprises reputed people from the finance industry both from
India and Abroad.

1. Mr. K. V. Kamath, Chairman

2. Mr. Sridar Iyengar

3. Mr. Homi R. Khusrokhan

4. Dr. Anup K. Pujari

5. Mr. M.S. Ramachandran

6. Dr. Tushaar Shah

41
7. Mr. V. Sridar

8. Mr. V. Prem Watsa

9. Ms. Chanda D. Kochhar , Managing Director & CEO

10. Mr. N. S. Kannan, Executive Director & CFO

11. Mr. K. Ramkumar, Executive Director

12. Mr. Rajiv Sabharwal, Executive Director

ICICI BANK - REGIONAL PROCESSING CENTRE :

RPC is Regional Processing center. It is back office for ICICI bank. Such a place which
is very useful for ICICI bank. RPC has different departments like

• AOT
• Transaction and Clearing
• Document Verification Unit (DVU)
• Risk Containment Unit (RCU)
• Expenses etc.

In RPC, employees are working for branches. All the works are forwarded from
branches to RPC. So, for RPCs branches are their customers. And employees of RPCs
solve the issues of branches. It is really helpful to branches and customers. RPC is
such a beautiful place in which all the employees are working as a family. ICICI Bank ‘s
RPC’s are situated at every state. That means in every state there is atleast one RPC of
ICICI Bank. All the branches in the state report to the RPC. There every day at least
2000 AOF comes. This includes; savings form, current account open. Forms, web
trade, Modification etc.

We can say that for ICICI Bank all the branches are the compartments and the RPC is
the engine.

42
VISION:

To make ICICI Bank the dominant player built on trust by world-class people and
service .This can be achieved by:

• Understanding the needs of customers and offering them superior products and
service.
• Leveraging technology to service customers quickly, efficiently and conveniently.
• Developing and implementing superior risk management and investment
strategies to offer
• Sustainable and stable returns to our policyholders.
• Providing an enabling environment to foster growth and learning for our
employees.

DINESH K. YADAV & ASSOCIATES – PROFILE:

Dinesh K. Yadav & Associates was established around 3 years back in May, 2008 by a
young dedicated visionary Mr. Dinesh K. Yadav and has since been providing a wide
array of Accounting, Auditing, Taxation, Assurance and Business Advisory

For over 3 years, which is of course not a long time their specialized team of
accountants are entrusted to provide a comprehensive range of Assurance & Taxation
services and Corporate Advice to the clients in all over Bihar and Jharkhand. Dinesh K.
Yadav & Associates retains professionally qualified and well experienced personnel,
who are supplemented with special training in one or more areas, to add value to the
organization.

Dinesh K. Yadav & Associates is a Chartered Accountancy Firm that constantly

working at providing their clients with Assurance & Taxation services in the best
possible manner.

Currently Dinesh K. Yadav & Associates have spread their business over Patna and
Jamshedpur. His Partner Mr. Dayashankar, who looks after the business over
Jamshedpur and under whose guidance this project has been made always believes in
quality and not quantity.

43
Mission Statement :

Dinesh K. Yadav & Associates has committed their experience and skills to provide high
quality professional services to the clients with the commitment to the highest standards
of ethics and integrity.

Vision :

“To be one of India’s leading Professional services firm and to provide maximum value
to its clients."

Mission:

"To be best in class, multifaceted accounting firm bounded by Code of Ethics, delivering
clients best affordable services with assurance of professional integrity."

Integrity

We are committed to integrity in our efforts, in our commitments to clients and our
people, and in our conduct provide high quality professional services to the clients. We
believe that the role of all our partners and our people is to build the firm while we are a
part of it, and to leave behind an organization that is stronger and better than when we
entered it.

Team

The firm has 2 (both are Chartered Accountants) and around 25 staff members, which
includes more than 15 concurrent auditors supported by specialized experts in
different areas. The professionals working for the firms are highly trained experienced
and have in depth knowledge of accounting and auditing pronouncements.

44
ANALYSIS OF
DATA

45
1. ORGANISING THE DATA

The data collected during data collection process are organized and presented in a

comprehensible sequence to make them more meaningful.

2. PRESENTATION OF DATA

After the data has been properly organized, it is ready for presentation. There are

different modes of presentation like tables, charts etc. The main objectives of
presentation

are to put collected data into an easy readable form.

3. ANALYSIS OF DATA

After organizing and presenting the data, the researchers then have to proceed towards

conclusion by logical inferences. The raw data is then analyzed:

· By bringing raw data to measured data.

· Summarizing the data.

4. INTERPRETATION

Interpretation means to bring out meaning of data or to convert mere data into

46
information. From the analysis of data the various conclusions are find out on the basis
of logical inferences.

5. CLASSIFICATION OF DATA

If refers to the process of arranging data into homogenous classes. Subsequent to the

collection of data, the results were sorted out and arranged in different categories like

Graph, Table etc.

1. Interpretation: The above data shows that out of 2000 AOFs that
come to RPC every day, 40% covers the savings account,25 %
current account,15 % web trade account and 20 % others.

47
2. Interpretation: The above data shows that out of 400 samples of
AOFs the most of the errors are – 40% for wrong documentation,
15% are critical cases, 15% are KYC errors and rest 30 % are other
types of errors.

48
 RESULTS AND
FINDINGS

FINDINGS

The primary focus of concurrent audit is to provide reasonable assurance to the Board
and top management about the adequacy and effectiveness of the audit conducted and
control framework in the banks' operations. While examining the effectiveness of control
framework, the concurrent audit should report on proper recording and reporting of
major exceptions and excesses. Transaction testing would continue to remain an

49
essential aspect of concurrent audit. The extent of transaction testing will have to be
determined based on the risk assessment

Also from the 100 samples taken from each types of accounts , specially savings
accounts, we found that small errors are almost pertinent in nature, be it signature
mismatch, id mismatch, wrong address proof etc. Therefore proper handling and
thorough inspection of these forms are usually done by the concurrent auditors.

Here AOFs are being scrutinized by the Document Verification Unit that looks after the
authenticity of the documents given along with the AOFs. Similarly the Risk
Containment Unit looks after the risks involved with the AOFs and actions that are to be
taken as per the situation. Working at the RPC is all about team effort where one
mistake of a particular unit affects the accuracy of other department. So proper
coordination and team work along with time pressure is very important.

CONCLUSION
50
 CONCLUSION

A sound concurrent audit plays an important role in contributing to the effectiveness of

the banking system. The audit function should provide high quality counsel to
management on the effectiveness of concurrent audit and internal controls including
regulatory compliance by the Bank. Historically, the concurrent audit in banks has been
concentrating on transaction testing, testing of accuracy and reliability of accounting
records and financial reports, integrity, reliability and timeliness of control reports, and
adherence to legal and regulatory requirements. However, in the changing scenario
such testing by itself would not be sufficient. There is a need for widening as well as
redirecting the scope of audit to evaluate the adequacy and effectiveness of banking
procedures and internal control systems in the banks.

51
52
 RECOMMENDATIONS
AND
SUGGESTIONS

SUGGESTIONS:

For effective concurrent audit, it is essential that the audit program is detail and
preplanned. Since the period during which the concurrent auditor is to conduct checking
of manifold items in the branch of the Bank is limited and transactions are numerous
rationing of the time of the concurrent auditor is a pre-condition to successful audit. The
checklist is to be time oriented with volume of transaction and vulnerability of the same
being considered for ascertaining frequency of checking. An auditor should also check :

1. KYC Norms compliance by bank

2. NPA
3. Physical cash verification

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4. Physical Stationery verification and security measures applied by bank for stationery
items
5. Cash retention limit of the branch and if cash is exceeding that limit, branch should
report to HO/RO
6. During the month new CC/OD/SB/Current account opened.
7. Very important- documentation of these above opened accounts. for CC/OD,
documents should be as per sanctioned letter (strictly)
8. Monthly Stock statement in case of CC/OD account
These are few broad areas which an auditor must check. Also find out which are major
CC/OD Accounts of that Bank.(which one can find from closing balances).or an auditor
can ask the concerned person in bank handling cc/od facilities.
1. One of the condition is to submit last audited balance sheet. Tally the stock
shown in audited balance sheet vis-a-vis average stock shown during monthly
stock statement.
2. Newly opened savings/current accounts. documents taken thereof..
3. Learn How interest is calculated on savings and fd int.
4. Find out How and who maintains cheque returns Register/Record..Whether
charges are collected for such cheque Return Transactions
5. cash should be checked by senior most person once in a month
6. other facility like fire extinguisher, alarm system, hidden camera, securities, all
these to be seen. If any major deficiency u can surely report.Because proper
security of cash is main purpose.

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 LIMITATIONS OF
THE STUDY

LIMITATIONS OF THE STUDY:

➢ Shortage of time- The main limitation I come across is shortage of time I have
short time to collect data and analyze the problem and come to the solution.

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➢ Secondary data analyzed could not be presented as it was not allowed by the
bank.

➢ Since the study is wide in nature and can’t be taken for consideration-

The study is big in nature and data collected is only from Jamshedpur RPC.

so it can’t be taken into consideration for whole ICICI bank and its

branches.

➢ People were reluctant to join or get transferred to RPC, as the workload in RPC
is very hectic.

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 BIBLIOGRAPHY

BIBLIOGRAPHY

BOOKS:-

1) Auditing – V. K. Agarwal

2) Marketing Research D.D. Sharma

3) Marketing Management Philip Kotler

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4) Bank Management - Vaishanav.

MAGAZINES:-

1) Annual Report of the Company

2) Journals & Catalogues of the company

WEB:-

1) www.icicibank.com

2) www.financialexpress.com

3) www.auditguide.com

4) www.calclub.com

5) www.google.com

6) www.concurrent.com

7) www.indiacore.com.

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THANK YOU

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