When checking calculations for loans and borrowings, sources of information are used: regulations on accounting policies; balance sheet (form No. 1); profit and loss statement (form No. 2); traffic report Money(form No. 4); Appendix to the balance sheet (form No. 5); accounting registers for accounts 66 and 67; main book; loan agreements with the bank; loan agreements; bank statements for current and loan accounts with attached documents; cash book; incoming and outgoing cash orders; orders of the manager and acts of inventory of payments; documents confirming the intended use of the loan or loan. "Control and audit: lecture notes" According to Art. 819 of the Civil Code of the Russian Federation, under a loan agreement, a bank or other credit organization (lender) undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount received and pay interest on it. Loans can be issued by Russian banks in foreign currency Russian Federation and in foreign currency. The right to issue loans in foreign currency to Russian organizations is granted to authorized banks that have a license from the Bank of Russia to carry out transactions in foreign currency. Settlements on loans and borrowings received both from non-residents and from Russian authorized banks in foreign currency are carried out by residents from current foreign currency accounts and cannot be made from transit foreign currency accounts. According to Art. 807 of the Civil Code of the Russian Federation, under a loan agreement, the lender transfers into the ownership of the borrower money or other things defined by generic characteristics, and the borrower undertakes to return to the lender the loan amount or an equal number of things of the same kind and quantity received by him. The lender has the right to receive interest from the borrower on the loan amount in the amount and manner specified in the agreement. Due to the fact that payments in the Russian Federation are made only in rubles, receiving loans in foreign currency from resident organizations that are not banking institutions is prohibited. The issuance of loans is documented in accounting. accounting: D 51 K 66, 67. The accrual of interest is reflected in the accounting records on the credit of subaccounts 66 “Calculations for short-term bank loans” or 67 “Calculations for long-term bank loans” and the debit of various accounts depending on the direction of use of the loan: 10 “Materials” , 15 “Procurement and acquisition material assets ”, 16 “Deviations in the cost of material assets”, 41 “Goods” - for loans and borrowings received for the purchase of inventory assets, before accepting these assets for accounting; 20 “Main production” (26, 44) – for loans and borrowings received for the purchase of inventory and materials, after accepting the specified values ​​for accounting; 91/2 “Operating expenses” - for loans and borrowings received for the purchase of inventory, for overdue loans and borrowings; 07 “Equipment for installation”, 08 “Investments in non-current assets” - for loans and borrowings received for the purchase of non-current assets, as well as for the modernization and reconstruction of fixed assets. Accrued interest amounts are accounted for in subaccounts 66/1 “Settlements on short-term bank loans” or 67/1 “Settlements on long-term bank loans” separately from the amount of the principal debt. The balance sheet reflects the total amount of debt on loans along with interest. The following techniques are used in the control process: document verification, transaction tracking, recalculation, and analytical procedures. Agreements with the bank, documents on opening credit lines, contracts and agreements on loans and borrowings are subject to verification. Debt on loans and borrowings reflected in the accounting registers must correspond to the debt, the amount of which has been agreed upon with creditors. For this purpose, bank statements, payment calculations, data from analytical statements, and tables are used. Debt on loans and borrowings must be correctly classified by types and methods of payment based on an analysis of contracts. To check the timeliness of repayment of bank loans, based on data from loan agreements and current account statements, an analytical table is compiled, which reflects the dates and amounts of receipt and repayment of loans, as well as any deviations that have arisen. At each reporting date, the amount of debt on loans on the balance sheet must be confirmed by analytical accounting data. Loan debt should be reflected taking into account accrued but unpaid interest as of a specific reporting date. The presence of violations of loan repayment terms and the reasons for this are also checked. To check the intended use of loan funds, it is necessary to compare the loan object fixed in the loan agreement and the actual directions of funds confirmed by the supply agreement, invoices, invoices, payment orders, etc. Nomenclature of inventory items, delivery and payment terms, prices , the scope of work performed must match. “Control and audit: lecture notes” The correctness of accrued interest for the use of bank loans is confirmed by the results of their arithmetic control. When identifying sources of write-off of interest for the use of bank loans, the directions of use of loans for the purchase of inventory, fixed assets, intangible assets etc. The correctness of the accrued interest for tax purposes is established (the refinancing rate of the Central Bank of the Russian Federation increases by no more than 11 times). During the verification of loans, it is established: whether the loan agreements were drawn up correctly, whether the principal amount of the debt and interest on loans were repaid on time, whether transactions on loans received were correctly reflected in the accounting records, including the accrual and transfer of interest, the reliability of analytical and synthetic accounting of loan settlements. When studying the loan agreement Special attention They pay attention to the presence in them of instructions on the loan repayment period, its form, the presence of collateral, the amount of interest and the procedure for their payment. If the lender is an individual, then the loan agreement must be notarized. To check the timeliness of loan repayment based on agreement data and current account statements and cashier reports, an analytical table is compiled that reflects the dates and amounts of receipt and repayment of loans, as well as any deviations that have arisen. Typical mistakes, identified when checking settlements on loans and borrowings, may be: the absence of a loan agreement or its preparation in violation of the Civil Code of the Russian Federation, the absence of an agreement with the bank on the extension of a loan, improper accounting, incorrect accounting of expenses for paying interest on loans and borrowings, misuse funds from bank loans.

The fundamental purpose of the audit of credit and borrowed funds is to verify the correctness of the calculations made and their display in the statements. But there are some nuances. How to audit credits and loans in 2019?

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Modern business rarely manages without attracting additional resources in the form of loans or credits. Moreover, the amounts are often quite significant, which requires error-free documentary support.

To gain firm confidence in the correct implementation of accounting, it is advisable to carry out audit. How to audit credits and loans in 2019?

What you need to know

In market conditions, many companies use borrowed funds in their activities. Any loan implies great responsibility for an economic entity.

Therefore, the auditor is obliged to check in what form the loan was provided. If the borrower received the money, and after some time returned the debt in securities and or things, then without changing the terms of the contract, this action is considered a violation.

Basic Concepts

Credit is called economic relations arising during the transfer from one party to another of funds or funds in in kind subject to the return of the money or payment of the value of the property received with payment of interest for using the loan.

A loan can be bank or commercial. A bank loan refers to funds allocated to a borrower by a bank for predetermined purposes and for a specified period on a repayable basis and with the payment of interest.

A bank or other credit organization must have a special license to conduct banking operations and carry out lending activities.

A commercial loan is more often referred to as a loan. As a rule, such a loan is provided in the form of a deferred payment for goods sold. In addition to cash, the subject of the loan can be things.

Audit of credits and loans is one of the most important areas of a comprehensive audit. This forms the information base for drawing conclusions about the financial stability and liquidity of the audited entity.

The auditor studies the structure of attracted resources, loan terms, types of counterparties, and intended purpose. Significant importance is attached to episodes of late repayment of loans or interest, as well as the accrual of penalties.

An audit of settlements on borrowed funds consists of examining the accuracy of registration and display of transactions for the repayment of loans on the accounting accounts and evidence of the appropriate use of borrowed funds.

It is important to have a well-reasoned determination of the calculation of the amounts paid for using the loan and the correctness of their write-off. The correct representation of loans in accounting is also important.

The most frequently identified errors and violations are:

When checking the nuances of the acquisition and use of loans and credits, the auditor is obliged to evaluate the effectiveness of the invested funds for the activities for which they were originally intended.

What program is it conducted under?

The audit program for settlements on credit obligations consists of several main stages, each of which corresponds to certain sources of information.

If necessary, the program can be supplemented with additional procedures, but the main ones remain unchanged. In particular:

Analysis of the accuracy of execution of business contracts	Loan agreements and credit agreements are checked
Studying information from accounting registers	And its comparison with the General Ledger accounts. Evidence of the amount of debt for borrowed funds. ( main book, machinegrams
Survey of the intended use of loan funds	The timeliness and completeness of calculations for them, the accuracy of accounting for interest. (Agreements on credits and loans, journals, orders, machine diagrams,)
Assessing the correctness of invoice correspondence	Accounting for loan funds and accrued interest. (, machinegrams, order journals)

Methods used

When testing the internal control system, the auditor must obtain information about the sequence of making a decision on the need to obtain borrowed funds.

At the same time, it becomes clear which structural department is responsible for following the debt repayment schedule and interest payments, who is responsible for providing accounting records to the banking organization, who checks correct application borrowed funds.

When selecting loans and borrowings, the stratification technique is mainly used. The main criteria are the types of counterparties or loan amounts.

When auditing loan repayment transactions, the auditor is particularly interested in repayment through sale valuable papers at a price exceeding the nominal value.

They also review the accounting for exchange rate differences on existing foreign currency loans. When summing up the results, the auditor expresses an opinion on the ability of the entity to continue its activities.

When borrowed funds exceed capital, the existence of the enterprise continues only through loans. In the opposite situation, the organization is recognized as completely solvent and able to continue its activities without problems.

Using the example of an enterprise

At the enterprise, analytical accounting of borrowed funds is organized:

• by type of borrowing;
• by organizations and individuals who provided funds;
• according to intended purpose;
• by timing;
• on taking into account in calculating taxable profit.

But analytical accounting is not always carried out at the enterprise. Therefore, it is advisable for the inspector not to immediately begin checking the accuracy of the accrual of interest amounts.

It is necessary to first systematize loan agreements according to similar principles, and only then begin an audit. When studying synthetic accounting registers, registers inherent to a certain shape accounting.

In this case, the principles of registration of registers and their consistency with other registers are taken into account. When accounting using the memorial order form, credit resources in the memorial order are taken into account.

Parameter name	Meaning
Article topic:	Audit of settlements on loans and borrowings
Rubric (thematic category)	Production

Audit of calculations for taxes and fees

In the system of settlement relationships of organizations, monetary settlement relations with the budget and extra-budgetary funds occupy a special place.

Rational organization control over the state of settlements with the budget contributes to compliance with payment discipline and improvement of the financial condition of the organization.

The purpose of auditing settlements with the budget– confirmation of the reliability of the audited financial statements legal entity, regarding the reflection of debt to the budget for taxes and fees, as well as reflection in explanatory note all significant circumstances related to unresolved issues in taxation.

During the control and audit check, the auditor must check:

‣‣‣whether the taxable bases are calculated correctly;

‣‣‣are tax and payment rates applied correctly;

‣‣‣ whether payments to the budget are made on time and in full;

‣‣‣ are the benefits applied correctly and justifiably;

‣‣‣is analytical and synthetic accounting carried out correctly for account 68 “Calculations for taxes and fees”;

‣‣‣ do the analytical and synthetic accounting records correspond to the records in the general ledger and balance sheet of the organization.

To check the correctness of the organization of analytical accounting for settlements with the budget, it is extremely important to clarify the correctness of the derivation of turnover and balances for each type of tax at the end of the reporting period.

In the balance sheet, debts on account 68 must be reflected in the amounts agreed upon with the tax authorities, for which mutual settlements are reconciled. It is extremely important to compare analytical accounting data for each tax with entries in the synthetic accounting register and the General Ledger for account 68. The timeliness and completeness of settlements with the budget is established by checking bank statements and the primary payment documents attached to them.

During the audit of calculations for taxes and fees, auditors are guided by the Tax Code of the Russian Federation. For this reason, control and audit of these calculations are aimed, first of all, at identifying their compliance with those chapters, articles and norms of the Tax Code of the Russian Federation that regulate tax relations for the collection of relevant taxes and fees.

In the conditions of market transformations taking place in the economy, the role of loans and borrowings as an additional source of financing the activities of organizations has increased significantly.

The task of control over credit operations includes identifying the validity and conditions for attracting borrowed funds, compliance with the established procedure for planning, obtaining, using and repaying short-term and long-term loans and borrowings, as well as determining the effectiveness of their attraction.

Additional sources information checks for accounting of credit transactions are:

Information and certificates provided to bank institutions to obtain a loan;

Bank statements;

Copies of agreements in support of credited transactions and additional agreements to them;

Loan and pledge agreements;

Documents confirming the intended use of the loan or credit.

The auditor must pay attention to the form in which the loan was taken - in the form of money or things. The auditor must ensure the correctness of:

‣‣‣drawing up and concluding a loan agreement;

‣‣‣organization of accounting of these transactions in the accounts: 66 ʼʼSettlements for short-term loans and borrowingsʼʼ, 67 ʼʼSettlements for long-term loans and borrowingsʼʼ, with special attention paid to the organization of analytical accounting of these transactions by lender and repayment period;

‣‣‣complete receipt and compliance with the intended use of loans;

‣‣‣ reflection in the accounting of loan repayment through the sale of securities at prices exceeding their cost, reflection in the accounting of %% accepted for payment for the use of the loan;

‣‣‣ accounting for exchange rate differences on loans provided in foreign currency;

‣‣‣reflections in the accounting of loans by areas of their use;

‣‣‣ accounting for a loan received against an issued bill of exchange;

‣‣‣timely repayment of loans, by comparing the date of contributions of own funds for payment or bank statements with the established repayment periods.

When checking loans, it is extremely important to identify the validity and conditions for attracting these funds for each lender, for which purpose loan agreements and records on the relevant accounts are subject to control examination.

The rules for issuing loans are developed by creditor organizations, and the loan is issued on the basis of a concluded bilateral loan agreement. The auditor needs to check:

‣‣‣ confirmation of the intended use of the loan;

‣‣‣ timeliness and completeness of repayment,

‣‣‣ the correctness and legality of attributing accrued and paid %% to the appropriate cost accounts or sources of their coverage;

‣‣‣reliability of balances, non-repaid loans;

‣‣‣collateralization of the loan or the existence of provided guarantees for timely non-repayment of loan amounts;

‣‣‣ objectivity of the reasons for violation of loan repayment deadlines.

When checking the issues of obtaining and using loans, the auditor must assess the effectiveness of the invested funds for the activities for which they were intended; Which economic effect received by the organization as a whole from their use, or vice versa, calculate the losses that the organization may incur in the event of misuse of the loan or untimely repayment to the creditor, as well as analyze the sources of covering the unreturned amounts of creditors and report them.

Audit of settlements on loans and borrowings - concept and types. Classification and features of the category “Audit of settlements on loans and borrowings” 2017, 2018.

The purpose of the audit of credit and borrowings accounting is obtain evidence of the reliability of reporting indicators reflecting the organization’s debt on borrowed funds.

To achieve the purpose of auditing the accounting of loans and borrowings, it is necessary to check:

Reality and documentation of loans and borrowings;

The validity of obtaining credits and loans (sources of obtaining borrowed funds);

Purposeful use of borrowed funds, completeness and timeliness of their repayment (for what purposes were borrowed funds used, how debt on credits and loans is repaid, the presence of overdue debts);

Assessment of balances on outstanding loans and borrowings and payment of interest on them (accounting for interest on loans, participation of interest in the valuation of property and in the formation of financial results);

Maintaining synthetic and analytical accounting of transactions on credits and loans (application of accounts for credits and loans, reflection of transactions for receiving and repaying borrowed funds, compliance with the principles of formation of financial results).

To obtain audit evidence, various techniques are used (checking documents, tracking transactions, analytical procedures to determine the ratio of borrowed and equity funds) and sources of information.

Information base for checking credits and loans are:

Regulatory documents regulating the issues of obtaining borrowed funds, accounting and taxation of transactions with them;

Agreements and primary documents for registration and recording of transactions on loans and borrowings. These include: credit agreements and loan agreements; additional agreements to loan agreements on changes in loan interest rates, loan repayment terms, and other terms of loan agreements; bank statements from personal accounts of organizations for the movement of loans and borrowings.

Accounting statements and registers of synthetic and analytical accounting for reflecting these transactions in accounting. In the financial statements, information for checking this area is contained in the balance sheet (sections “Long-term liabilities” and “Short-term liabilities”); profit and loss statement (interest payable or operating expenses are determined by the amount of interest on loans and borrowings; non-operating income and expenses are determined by the amount of exchange rate and amount differences arising on loans and borrowings received).

To conduct an effective audit of an enterprise’s operations to obtain and use credits, borrowings and targeted financing, the auditor must at the very beginning clearly define control procedures, the sequence of their implementation and the sources of the necessary information. For this purpose, a verification program is being formed

Audit program for loans, loans and targeted financing

Obtaining a bank loan by an enterprise drawn up by a loan agreement, which specifies the object of lending, the period for issuing and repaying the loan, the form of security for obligations, interest rates and the procedure for their payment, the rights and responsibilities of the parties and other conditions.

Accounting for transactions on credits and borrowings is carried out respectively on accounts 66 “Settlements for short-term credits and borrowings” and 67 “Settlements for long-term credits and borrowings”. Analytical accounting of debt on loans and credits received, including issued borrowed obligations, is carried out by type of loans and credits, credit institutions and other lenders who provided them, individual loans and credits (types of borrowed obligations).

The principal amount of debt on a loan and (or) credit received from the lender is taken into account by the borrower organization in accordance with the terms of the loan agreement or credit agreement in the amount of funds actually received or in the valuation of other things provided for by the agreement. The borrowing organization accepts accounting the specified debt at the time of the actual transfer of money or other things and reflects it as part of accounts payable.

During the audit, the auditor finds out whether there are loan agreements and whether they comply with the norms of the Civil Code of the Russian Federation (Civil Code of the Russian Federation). In accordance with the Civil Code of the Russian Federation, loan agreements can only be concluded with a bank or other credit organization that has the appropriate license for such operations.

The auditor clarifies whether loans and borrowings are used for their intended purpose or not, how debts on loans were repaid (in the form of cash, by transferring a bill of exchange, by offset). The auditor checks the completeness and timeliness of loan repayments using bank statements.

The auditor should pay attention to issues of loan security. The main types of credit collateral are surety, guarantee, pledge of securities, goods, and other property. Pledge agreements are quite common. In this case, it is necessary to check the reality of the pledge agreement, whether it has been drawn up formally, how specific the pledged items are in it, whether information about the pledge of property is correctly reflected in off-balance sheet account 009 “Securities for obligations and payments issued,” as well as the fact of disclosure of this information in the explanations to the accounting reporting.

Organizations can receive loans from other legal entities (except banks). Enterprises can raise funds in the form of loans from other enterprises and individuals by issuing securities (bonds).

The methodology for auditing loan transactions is basically no different from auditing loan transactions. The auditor must ensure that the loan agreement is correctly drafted and concluded.

For an organization, the absence of a written agreement can have negative consequences (for example, if disputes arise regarding the amount of interest for using a loan, the procedure and timing of loan repayment; even in the absence of disagreements between the parties, tax authorities make claims related to the lack of an agreement as a document confirming fact of transactions under the loan agreement).

The main regulatory document governing the accounting of interest on loans and borrowings is PBU 15/01 “Accounting for loans and credits and the costs of servicing them.”

The auditor must check in what period, in what amount, on what accounts the amounts of interest for the use of loans were reflected or from what sources were covered.

Costs for loans and credits received must be recognized as expenses for the period in which they were incurred, with the exception of that part of them that is subject to inclusion in the cost of the investment asset.

An investment asset is understood as an object of property, the preparation of which for its intended use requires significant time. Investment assets include fixed assets, property complexes and other similar assets that require a lot of time and costs for acquisition and (or) construction. The specified objects purchased directly for resale are accounted for as goods and are not classified as investment assets.

Debt on loans and credits received should be reflected taking into account the interest due at the end of the reporting period in accordance with the terms of the agreements. Information about the organization's accounting policies includes at least the following data:

Transfer of long-term debt to short-term debt;

Composition and procedure for writing off additional borrowing costs;

Selecting methods for calculating and distributing income due on borrowed obligations;

The procedure for accounting for income from temporary investment of borrowed funds.

In case of non-fulfillment or incomplete fulfillment by the lender of the loan agreement and (or) credit agreement, the borrowing organization provides information about the shortfalls in the explanatory note to the annual financial statements.

The organization's financial statements must reflect the following information:

On the presence and changes in the amount of debt for the main types of loans and credits;

Amount, types, maturity dates of issued promissory notes and placed bonds;

Repayment terms of main types of loans, credits, and other borrowed obligations;

Amounts of borrowing costs included in operating expenses and the cost of investment assets;

The values ​​of the weighted average rate of loans and credits (if applied).