Banking audit. Audit of the use of profit of a credit institution (the most important)

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Banking audit. Audit of the use of profit of a credit institution (the most important)

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50. Audit of the use of profits of a credit institution

The final financial result is determined based on the results of the quarter and year. Every quarter on the last business day of the quarter, the accounts of income and expenses are closed. Balance sheet profit is defined as the difference between actual income and expenses (Shevchuk D.A. Accounting in banks. - Rostov-on-Don: Phoenix, 2006).

Please note that profit or loss is determined on an accrual basis during the current calendar financial year. At the same time, the profit of one quarter can be reduced or blocked by the loss of the next. At the end of the reporting year, the profit is fully or partially distributed, and the loss is repaid at the expense of available funds. The distribution of profit is carried out in accordance with the accounting policy of the bank and is accounted for on accounts 70501 "Use of profit of the reporting year" and 70502 "Use of profit of previous years". Account management mode 70501 allows you to use it mainly in the following areas: payments to the budget at the expense of the bank's net profit, distribution of net profit remaining after tax. After paying taxes, the remaining profit is distributed to accrual of dividends and deductions to various funds. Undistributed profits of previous years, funds of reserve and other funds of the bank can be directed to cover the losses of the reporting period. At the end of the reporting year, the balance sheet is reformed and the final financial result is determined.

Author: Shevchuk D.A.

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