With all entries into the account verified, IRAC then re-computes the interest on the Overdraft and Loan Accounts to ensure it is mathematically accurate and legal in conformity with your Banking Facility Letter/s and with The Banking Act and The Central Bank of Kenya Act.
First, IRAC recommends that a Historical Verification of your credit facilities is carried out in order to certify that the account activity from inception to date, as reported by your bank, corresponds with the terms of the contract(s), other binding correspondences had and with the Laws of Kenya. This process ensures that you have the correct position on your current outstanding liabilities.
Once the Historical Verification is complete, a continuous process of re-check, the periodic Finance Costs Assurance Service ensures that bank’s errors are uncovered early, on a monthly basis.
Service Output – Report Generation
This is in hard and/or soft copy. The following is a listing of the various reports generated as a result of the Finance Costs Assurance process;
- Interest recalculation sheets in detailed or summary form of the period verified.
- Interest comparison sheets between the interest charged by the bank and the recalculated interest. This highlights points of overcharge/undercharge.
- Interest rates comparison sheets.
- Legal Reports like the In-Duplum
- Various output presentation formats like graphs and charts.
- Useful management reports.
IRAC recommends that the soft copies outputs be in Portable Disk Format (pdf). Further, agreed on passwords will be required to ensure only authorized persons get access to these reports