Neat Audit Of Banks
Besides the audit report as discussed in previous chapter the terms of appointment of auditors of public sector banks private sector banks and foreign banks as well as their branches require the auditors to also furnish a long form audit report LFAR.
Audit of banks. Development of a paper for discussion with bank finance directors audit committee chairs investor representatives regulators and other interested parties. At the root of importance of audit is this supplementary role played by the auditors along with banking regulators. CHAPTER 12 -AUDIT OF BANKSpdf.
Risk category is assigned by him based on risk assessmen. There are various types of audit taking place in Banks. The statutory audit of banks forms an integral and important part of control mechanism of the banking sector.
Clients are the key asset of the bank the wrong clients can damage the reputation of the Bank and the business is not sustainable without the client base. -Bangladesh Standards on Auditing. RISK BASED INTERNAL AUDIT RBIA This is nothing but internal inspection of the bank branch by banks internal staff generally.
The primary role of internal audit is to help protect the assets reputation and sustainability of the organization. It enhances the stakeholders confidence in the credibility of. The LFAR is to be submitted before 30th June every year.
The Audit of banks project involves further investigation of these and other ideas through a three phase research process. Banks making statutory audit of banks a major ingredient to bridge off the risk exposures. Banking crisis bank auditors must seek lessons to be learned.
12 The Audit of banks has played a major role in assisting the Regulators to supervise the entire banking system in the country even through these difficult times. -The Companies Act 1994. The bank audit is thus an important step for all banks who seek a better optimization of its overall management.