Understanding the Risk Management Process : Management develops controls and uses performance indicators to aid in managing key business and financial risks. An effective risk management system in a bank […]
Bank Audit - 64. page
Engagement and Quality Control Standards
Engagement and Quality Control Standards: The auditor/audit firm should establish a system of quality control designed to provide reasonable assurance that the auditor/firm and its personnel comply with professional standards […]
Special Audit Considerations in Foreign Banks
Special Audit Considerations in Foreign Banks : Audit of foreign banks operating in India, poses unique challenges compared to local banks in India. Foreign banks have different operating models compared […]
Characteristics of a bank
Characteristics of a bank : Banks have certain characteristics distinguishing them from most other commercial enterprises e.g., Custody of large volumes of monetary items, including cash and negotiable instruments, […]
Identifying and Assessing the Risks of Material Misstatements
Identifying and Assessing the Risks of Material Misstatements : Standard on Auditing (SA) 315, “Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment” requires […]
Understanding the Bank and Its Environment including Internal Control
Understanding the Bank and Its Environment including Internal Control As per SA 315, the auditor’s objective is to identify and assess the risks of material misstatement, whether due to fraud […]
Relationship among Joint Auditors
Relationship among Joint Auditors : Public sector banks in India as well as some private sector banks appoint more than one firm as statutory auditors. There is also a rotation […]
Statutory Branch Auditors
Statutory Branch Auditors : This section discusses the matters to be considered by a proposed statutory branch auditor (SBA) upon receiving intimation of appointment and before commencing the actual audit […]
Co-ordination with Branch Management
Co-ordination with Branch Management : Now a days typically, SBA, are given limited time within which they have to undertake the audit of branches allotted to them. Co-ordination between the […]
Co-ordination with Bank Management
Co-ordination with Bank Management : A proper and smooth co-ordination between the auditor and the bank management is essential for an effective audit and timely completion of the assignment. In […]