IIG BANK (MALTA) LTD’s Post

If there's a WHY, then there's a way..... This is what I tell myself every time I'm faced with a new task at the office. My current role happens to be my first-ever official role. And working in one of the biggest sectors in the country comes with the ability to assimilate quickly and work with a large volume of data. The first task I was ever given was Bank reconciliation. Had zero experience with that😂 But as I got acquainted with the process behind the task, I then realized that where there's a WHY, there's a way. When I moved on to the next task, I wasn't so confused anymore, because the main thing I needed to know was the purpose of the task (WHY??). Once I knew this, the rest became clearer and easier to understand. And it made it easier for me to figure out various ways to deliver. So, whenever you're faced with something new at the office; ✨ Don't cram the process ✨ Ask yourself, what is the purpose of this task? What is your WHY ✨ Ask question when you need to ✨ Understand your WHY and every other becomes less confusing and complicated.

Three Elements from the Topic "Bank Reconciliation Statement": 1.     Outstanding Checks- Outstanding checks are checks issued by the entity but have not yet been presented to the bank for payment. 2.     Deposits in Transit- Deposits in transit are funds that have been deposited by the entity but have not yet been recorded by the bank. 3.     Bank Errors- Bank errors are mistakes made by the bank in recording transactions or applying fees. Three Takeaways for Future Professional Career Growth: 1.     Attention to Detail- In future professional roles, whether in finance, accounting, or any other field, the ability to pay close attention to detail is crucial. This skill ensures accuracy in financial reporting, data analysis, and decision-making. 2.     Problem Solving Skills- The bank reconciliation process often involves identifying and resolving discrepancies. Developing strong problem-solving skills is valuable in addressing challenges, analyzing issues, and finding effective solutions in a professional career. 3.     Communication and Collaboration- Bank reconciliation may require communication with bank representatives or collaboration with colleagues. The ability to communicate effectively and work collaboratively with others is a transferable skill applicable in various professional settings, fostering positive relationships and achieving common goals. At last thanks to #Chinaza Ukadike #Jyotica Shrma #Chidimma Nwosu-Okoli

The roles of the Supervisory Committee include 1. Counter checking the internal control systems 2. Present annual reports to the general meeting 3. Submit it's reports to the commissioner 4. Establish that bank and cash accounts are reconciled in good time 5. Ensure that the management uses appropriate managerial tools e.g tril.balances, budgets, economic reports and making necessary recommendations

🔴 Bank Audit 🔸Types of Bank Audit reports to be issued 1. Internal control over financial reporting - under section 143(3)(I) of Companies Act, 2013 2. Long form Audit Report - list given to Auditor - what all to be checked 3. Report in Statutory liquidity Ratio requirements - Report on compliance 4. Treasury Operations - Cash Management 5. Income recognition, Asset Classification and Provision compliance 6. Serious irregularity 7. Compliance with Recommendations of Ghosh and Jilani committee 8. Adverse credit - deposit ratio - usually in rural areas Follow Sayli Chinchole for more! Repost 🔁 if you found my post valuable.. #ca #banks #audit #bankaudit #auditing #cainter #caintermediate #icaiexams #icai

Appointment and Functions of Administrator: 1. Appointment of Administrator: According to The Bangladesh (Administration of Banks) Order, 1971 (Acting President's Order), the Government of Bangladesh may, by notification in the Official Gazette, appoint an Administrator for the management and control of the affairs of a Bank in Bangladesh, notwithstanding any provisions to the contrary in any law, instrument, or document relating to the Bank's incorporation or registration. [The current board and the post of CEO in Nagad abolished with the appointment of an administrator.] 2. Powers and Duties of Administrator: Board of Directors' Powers: Upon the appointment of an Administrator, the Board of Directors of the Bank shall cease to function in Bangladesh. All their powers and duties shall vest in the Administrator. Chief Executive's Powers: The Administrator shall also exercise the powers and duties of the Chief Executive of the Bank and shall be wholly responsible for the management of its affairs. Direct Supervision and Control: The Administrator shall exercise their powers and discharge their duties under the direct supervision and control of the Government of Bangladesh. Reporting Requirements: The Administrator shall submit to the Government of Bangladesh such statements and information as may be directed or required from time to time. 3. Tenure and Terms of Office: The Administrator's tenure, terms, and conditions of office shall be specified by the Government of Bangladesh. 4. Immunity from Legal Challenge: No action taken under this provision shall be questioned in any court of law. This Order was made on 29th December, 1971, by the Acting President in pursuance of the Proclamation of Independence of Bangladesh.

As the head of the Finance Team in your organization, how would you identify poor cash management controls? Firstly, let's clarify what cash management controls entail: Cash management controls are procedures and policies put in place by a company to safeguard its cash resources, ensure efficient cash flow management, and mitigate the risk of fraud or misappropriation. Below is a list of indicators of poor cash management controls: · Lack of segregation of duties, where one person handles cash receipt, recording, and reconciliation, raises the risk of undetected errors or fraud. · Inadequate physical security measures, such as leaving cash unattended, heighten the risk of theft or unauthorized access. · Weak authorization controls manifest in unauthorized cash disbursements, undocumented approvals, or inconsistent adherence to approval hierarchies. · Absence of robust reconciliation processes or irregular reconciliations makes it difficult to detect errors or fraudulent activities affecting cash balances. · The absence of cash flow forecasting or inaccurate forecasts can lead to cash shortages, missed payments, or excessive borrowing. · Insufficiently documented or inconsistently followed cash handling procedures. Do you think there is more? Please add them. #acca #accounting #accountants #controls #cashmanagement #finance #AOB_FinAccFables

Cash and Internal Control focuses on safeguarding a company’s cash and ensuring proper handling of cash transactions. Since cash is the most liquid and vulnerable asset, businesses must establish strong internal controls to prevent theft, fraud, and mismanagement. Key components of cash control include: 💫 Segregation of Duties: Separate responsibilities for handling, recording, and reconciling cash to minimize fraud risk. 💫 Cash Receipts: Record all cash receipts immediately and deposit them promptly to reduce the risk of misappropriation. 💫 Cash Disbursements: Use checks or petty cash for payments, ensure proper authorization, and maintain a clear record of each transaction. 💫 Bank Reconciliation: Perform monthly bank reconciliations by an employee with no other cash duties to detect errors and discrepancies. 💫 Document Control: Require supporting documents for all disbursements and mark them as "paid" to prevent duplicate payments. 💫 Check Control: Ensure checks are serially numbered, properly authorized, and void checks are marked and retained to prevent misuse. Effective internal controls over cash help businesses safeguard their assets, ensure accurate financial reporting, and maintain operational efficiency. #Finance #Internalcotrol #RiskManagement #businessvalueable #financialmanagement

What happens when your customers due date arrives, but the money does not?  🤔 Well, it can negatively affect the cash flow of your business and jeopardise the financial status of your company if situations keep arising.  There can be a myriad of reasons why customers delay payment, and being unhappy with the service you have provided is one that we are often told about. To prevent this issue, you should review your processes, starting conversations with the customer sooner, doing frequent check-ups and highlighting any complaints queries or issues customers may have, giving you the ability to resolve any conflict before pay date and also preventing this conflict occurring for others. Alternatively, if you are looking for professionals in your business that can help prevent risk and overdue payments, improving your financial stability, contact Portfolio Credit Control on 📞0207 650 3199. You can also register a vacancy on our website and we will give you a callback or if you are a professional in credit looking to make a difference in a new, inspiring role, you can search our live jobs.  #creditcontrol #creditcontroller #finance #creditmanagement #debtcollection

Auditor's Report (Bank Audit) 🔴(Content Jo Report ke andar rahega) 🔸 Balance sheet - for true and fair view 🔸Transaction - those within the powers of the bank 🔸 Profit and loss - shows true balance of Profit or loss for the period covered 🔸Any other matter - that auditor considers necessary to be brought to the notice of Central goverment 🔴 Bank Audit Approach 🔸Drawing an Audit Plan 1. Nature and level of operations 2. Nature of adverse features 3. Level of compliance 4. Audit risk 🔸Control environment (Check whether the banks have appropriate controls) 1. Effective segregation of duties 2. Accurate measurements 3.Approval of transaction 4. Reconciliation 5. Setting up limit 6. Reporting of exception 7. Physical security 🔸 Engagement team discussion 1. Personnel performing engagement+ experts 2. Discussion for better understanding 3. Assessment of Risk of material misstatements 4. To be documented Follow Sayli Chinchole for more 💛 Repost 🔁 if you found this valuable #ca #castudent #audit #bankaudit #auditnotes #auditwithsayli

🌟 𝐁𝐚𝐧𝐤 𝐑𝐞𝐜𝐨𝐧𝐜𝐢𝐥𝐢𝐚𝐭𝐢𝐨𝐧 🌟 🔹 𝐀𝐜𝐜𝐮𝐫𝐚𝐭𝐞 𝐁𝐚𝐧𝐤 𝐑𝐞𝐜𝐨𝐧𝐜𝐢𝐥𝐢𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐌𝐚𝐭𝐫𝐢𝐱 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐧𝐜𝐲 🔹 Accurate bank reconciliation is key to maintaining the integrity of your financial records. Here’s how our bank reconciliation services benefit you: ✅ Error Detection: Identify and rectify discrepancies between your bank statements and accounting records. ✅ Fraud Prevention: Detect and prevent unauthorized transactions to protect your business. ✅ Financial Clarity: Gain a clear understanding of your financial status for better decision-making. Let Matrix Accountancy ensure your bank reconciliation is precise and your financial records are reliable. #BankReconciliation #AccountingServices #FinancialAccuracy #Bookkeeping #ReconcileYourAccounts #CashFlowManagement #BalanceSheet #BusinessFinance #AccountingSolutions #AccountantLife #BusinessAccounting #FinancialControl #BankingAndFinance #AccountReconciliation #AccuracyInNumbers #FinanceExperts #MatrixAccountancy