Whether conducting a statutory audit, concurrent audit, or internal audit, Chartered Accountants (CAs) need to follow a structured process and focus on high-risk areas like NPA classification, fraud detection, and regulatory compliance.

Ensure internal auditors have unrestricted access to all areas of the bank. Provide final approval of the selection of qualified external auditors and the scope of audit work. Meet with internal and external auditors on a regular basis. Review independence of internal and external auditors.

Dec 5, 2023 · An auditor can follow a banking internal controls checklist that includes: Checking balance sheets and financial statements; Reconciling the bank’s ledgers; Assessing internal controls over financial reporting; Verifying regulatory compliance, like Know Your Customer and Anti-Money Laundering; Reviewing lending operations; Auditing the ...

The Compliance Audit Manual gives you step-by-step guidelines for developing and conducting a complete compliance audit. Internal control questionnaires and audit procedure checklists lead you from program creation through compliance.

Auditors use audit procedures to test key banking activities or financial statements. They collect audit evidence and determine the strengths and weaknesses of internal controls, risk management, and other compliance management systems in place.

These functions include the Operations, Financial Accounting, Credit, Information Technology, Legal and Compliance departments. Their roles ensure that transactions are properly processed, documented and accounted for and are within properly approved limits.

A bank internal auditor is responsible for performing objective, independent, and reliable assessments of the effectiveness of a bank’s risk management activities, its compliance with applicable regulations, and its internal control-environment.

When properly structured and conducted, internal audit programs provide vital information about risks and controls so management can promptly address any identified weaknesses.

This booklet addresses the risks associated with a bank's audit function (comprising internal and external audit functions). It discusses sound practices and regulatory requirements regarding the audit function.

Jan 20, 2023 · A Certified Bank Auditor is an accounting specialist responsible for reviewing and evaluating a financial institution’s records to ensure accuracy.