Dated: 16-03-2021

LIC- Audit -Observations, Clarifications and Remarks

BRANCH OFFICE CODE – 719

Audit Date: 16-03-2021

Thiruvallur

Sl . Observations Remarks Branch Response

No.

1. Imprest cash vouching for Kindly streamline the

the month of February & same.
March has been duly verified
and it is noted that for some
of the transactions either
vouchers or control register
entry is missing.

2. Revenue stamp and cheques NIL NA

in hand verified and found in
order.

3. Fixed asset verification The asset register has to

be purified for the
assets which are bought
back and all others are
found in order.

4. Premium Counterfoils NIL NA

Verification has been done
and found in order.

5. Loan documents has been NIL NA

selected on sample basis and
verified and the same is
found in order.

6. Maturity, SB Processed NIL NA

claims has been selected for
verification on sample basis
and found in order.

7. New policies taken KYC NIL NA

documents has been noted
 and found in order.

8. Claims on Death both early NIL NA

and non-early with/without
accident benefits verified

9. Internal Audit Report dated NIL NA

and the Inspection report for
the year examined.

Compliance report for this

also obtained and seen.

10. Trail Balance for Dec’2020 NIL NA

along with the schedules has
been examined and found in
order.

11. Trial Balance for Feb’2021 Refer Annexure 1

has been duly verified.

12. BRS and NEFT Contra NIL NA

Reconciliations as at
December & February
examined and found in
order.
Annexure 1:

Particulars Response
The following account codes having balance as at December are to
be transferred to CO through Zonal Office contra entry at year end
and wherever required the same to be reduced through minimum
extent,
(As per the closing instructions for FY 2020-21 provided by CO)
1. 11123400
2. 11188600
3. 11202300
4. 11194500
5. 11194600
6. 11202700