Banking audit. The procedure for granting and auditing overdraft loans (the most important)

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Banking audit. The procedure for granting and auditing overdraft loans (the most important)

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31. The procedure for granting and auditing overdraft loans

A loan in the form of an overdraft is provided in case of insufficiency or lack of funds on the client's current account.

The main areas checked by the auditor for issuing loans in the form of an overdraft:

1) Provision for the conduct of such operations by the terms of the bank account agreement or an additional agreement to it.

2) Establishing a lending limit for the borrower in advance, i.e., the maximum amount of debt to a commercial bank for this type of loan, recorded on account 44201-45401.

3) Determination of the presence of a deadline during which the obligations arising from it to the bank under an overdraft must be repaid.

4) Provision of reliable and liquid collateral for the performance of loan obligations.

5) Provision of all documentation requested by a commercial bank from a borrower when issuing one-time short-term loans for processing a loan.

6) Inclusion of a loan agreement with a commercial bank for the provision of a loan in the form of an overdraft in the established list of documentation of a credit institution, fixed by the credit and accounting policy of a commercial bank.

Author: Shevchuk D.A.

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