HO/I&C/Circular letter No./41/2017-18

Date: 19.02.2018

To All Concurrent Auditors / Branches / Offices

Re: Verification of all Outward SWIFT messages

Attention of all concurrent auditors is invited towards the scope & coverage of activities while undertaking audit work of Branches/Clusters/Offices. In this connection, detailed guidelines on scope & coverage of activities have already been communicated at the time of assignment of concurrent audit. Also, Risk Based Concurrent Audit (RBCA) Policy (circulated vide Circular No. HO/I&C/50/2016-17 dated 30.12.2016) which is presently in vogue, contains detailed guidelines/instructions to be followed-up while conducing Concurrent Audit. Moreover, various circular letters have also been issued to the Concurrent auditors to give impetus on various key areas while conducting audit from time to time.

As per Bank’s guidelines, all Concurrent Auditors are required to undertake cross verification on day to day basis that all SWIFT transactions are tallied with Finacle & corresponding entries pertaining to SWIFT messages are captured in Finacle by the Branches. Moreover, integration between FINACLE with SWIFT has been done & detailed instructions in this regard have been circulated to all field functionaries vide Circular No. HO/IBD/14/2017-18/147 dated 29.05.2017. It is reiterated that all Concurrent Auditors are required to:-

  • To cross verify that all outbound SWIFT messages vis-a-vis their corresponding entries are reflecting in
  • To ensure & confirm that second checking has been done by the Branch official who are not associated with SWIFT messages.
  • To verify that Branches/Offices are generating respective reports from SWIFT & Finacle on daily basis & duly verified copy is kept on record.
  • 100% verification of all the Audit Trails with original vouchers is also to be done by the Concurrent Auditor.

Please note that in case of non-reporting of non-compliances/ non-adherences of Bank’s guidelines, appropriate action shall be taken against the Concurrent Auditor(s).

(Surender Singh)

General Manager-(I & C)

OBC on Verification of all Outward SWIFT messages

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