NBFC Audit Automation for Indian CA Firms
CORAA automates the most complex and time-consuming NBFC audit procedures — from IRACP NPA testing to interest income reversal verification — all from a single Tally data import.
Why NBFC Audits Are Among the Most Complex
RBI regulatory requirements layer on top of standard Companies Act obligations — creating an audit that demands both banking expertise and deep regulatory knowledge.
IRACP NPA Classification
RBI's Income Recognition and Asset Classification and Provisioning (IRACP) norms require precise NPA staging based on days past due. Manual classification across thousands of loan accounts is error-prone and time-consuming.
Provisioning Accuracy
Each NPA category (Sub-Standard, Doubtful 1/2/3, Loss) carries different provisioning rates. Even a small misclassification has a material impact on the P&L and capital adequacy ratios.
Interest Income Reversal
For NPA accounts, interest must be reversed from income and credited to a suspense account. Verifying this across a large portfolio requires cross-referencing ledger entries against the NPA classification status for each account.
RBI Form Submission Reconciliation
NBFC returns filed with RBI (NBS-1, NBS-2, etc.) must reconcile with audited financial statements. Discrepancies trigger RBI queries — and identifying them before filing requires tedious manual cross-referencing.
What CORAA Automates for NBFC Audits
Import your NBFC client's Tally data once. CORAA runs all of the following simultaneously.
How It Works
Import Tally Data
Export client's Tally data and upload to CORAA. One-time setup per engagement. All loan, deposit, income, and expense ledgers are imported together.
AI Runs All Procedures
Ledger scrutiny, reconciliations, NPA indicator screening, interest verification, related party flagging — all run simultaneously in minutes.
Review Exceptions & Sign Off
CORAA generates an exception queue and pre-populated working papers. Your team reviews exceptions, adds conclusions, and signs off.
Start Your First NBFC Audit on CORAA
Free 14-day trial. No credit card. India-hosted. DPDPA compliant.