User talk:Shafiq.archieve

BANK RECONCILIATION REVIEW GUIDELINE

Responsibility of the Reviewer

a.	All Bank Accounts No. (Give attention to each digit) under each company in case of every independent review carefully. b.	Check whether any addition or deletion of Bank Accounts in compare to immediate previous review. c.	If any deletion, take all the necessary documents regarding this such as Advice to the Bank and Confirmation for the same from the bank. d.	In case of new Accounts, check signatory as well as all the Bank opening documents regarding those. e.	Check with the corresponding ledger for such addition or deletion of Accounts. f.	Check all the Bank Statements are reliable as documentary form. In this case Signature and Seal of the Bank should be carefully verified if those are provided as hard copy. Extra attention should be given in case of system generated or mail/ online copy and if there is any confusion, it should be communicated with the bank directly for further Bank Confirmation. g.	If there is no reliable System information of the Bank Ledger, monthly Bank Book should be initialed by the authorized management employee to avoid any rectification for the reconciliation purpose. h.	Check whether Bank Reconciliation Statement is approved by the Head of the department of the respective unit rather preparer especially for reconciliation due to disagreement. i.	Check and confirm Balance of Bank Statements with correspondence bank ledger. j.	If there is any disagreement between above two, check whether Reconciliation statement has been prepared or no. k.	Check carefully the reasons of disagreement with the correspondence documents as well as vouchers. l.	In case of reason of Cheques Issued but not presented by the party, check whether those cheques were delivered to the party duly and obtain money receipt. No Voucher can be raised without delivery of cheque to the party and obtaining money receipt except any exception (in case of exception, proper clarification with approval should be inserted). m.	 Check all the reasons in the previous reconciliation whether those have been reflected in the current Reconciliation. n.	No time bared check is shown in the reconciliation statement and those must be cancelled. o.	In case of disagreement due to Interest by or from the bank as well as bank charge, it should be separate audit program for accuracy purpose. At the time of review of Reconciliation, checking of interest calculation is not importance. p.	Reasons of disagreement should be highlighted in the hard copy of the ledger and supporting evidence should be preserved by the reviewer. q.	In case of significant amount and susceptible reason of disagreement, extra attention should be given and proper supporting should be preserved. Written clearance should be obtain by the respective authority and preserved it. r.	All bank vouchers checking is the separate Audit program but in case of review of Reconciliation some transactions (vouchers- a few of the end of the reconciliation month as well as initials of the following months should be directly verified with cross reference to the bank statement on sample basis. s.	Check whether the entire bank book vouchers references have been sequentially maintained. It is very much important and significant to reduce the risk of reviewer in an acceptably low level. t.	Standard Format of Bank Reconciliation Statement. u.	Reconciliation Period for each month to be confirmed by Respective department. v.	Check whether any Idle fund is under company bank account.

Documents to be preserved in the Bank Reconciliation File:

a.	Summary of Review of Reconciliation just like as Periodical Internal Audit Report prepared by the individual reviewer with signature. b.	Copy of Reconciliation Statement with proper approval. c.	Only the transactions or issues of disagreement highlighted in the Bank Statement or Bank Book. d.	Vouchers copy and any other significant documents related to the disagreement as well as review. e.	Documents related to the Accounts newly added or deleted. f.	Any other documents if necessary.