Bank Audit - 63. page

Consider Going Concern : In obtaining an understanding of the bank, the auditor should consider whether there are events and conditions which may cast significant doubt on the bank’s ability […]

Operating Framework for Identifying and Dealing with Frauds : All banks have policy and operating framework in place for detection, reporting and monitoring of frauds as also the surveillance/ oversight […]

Detection and Reporting of Frauds : (a) The banks are required to have a set of prescribed procedures and criteria with which the events or transactions having serious irregularities are […]

Audit Planning Memorandum : The auditor should summarise his audit plan by preparing an audit planning memorandum in order to:  Describe the expected scope and extent of the audit […]

Establish the Overall Audit Strategy : Standard on Auditing (SA) 300, “Planning an Audit of Financial Statements’’ states that the objective of the auditor is to plan the audit so […]

Develop the Audit Plan : SA 300, “Planning an Audit of Financial Statements” deals with the auditor’s responsibility to plan an audit of financial statements in an effective manner. It […]

Engagement Team Discussions : The engagement team should hold discussions to gain better understanding of the bank and its environment, including internal control, and also to assess the potential for […]

Structure of overall internal control environment of a bank : The auditor should obtain an understanding of the control environment sufficient to assess management’s attitudes, awareness and actions regarding internal […]

Understand the Bank’s Accounting Process The accounting process produces financial and operational information for management’s use and it also contributes to the bank’s internal control. Thus, understanding of the accounting […]

Structure of Internal Control Procedures in a Bank : The specific internal control procedures to be followed in an enterprise depend on the nature, volume and complexities of its operations […]