Emergence of risk-based internal audits in banks: The objectives and scope
Historically, the internal audit system in banks has been concentrating on transaction testing, testing of accuracy and reliability of accounting records and financial reports, integrity, reliability, and timeliness of control reports, and adherence to legal and regulatory requirements. Recently, vide circular DoS.CO.PPG./SEC.04/11.01.005/2020-21 dated January 07, 2021, RBI asked banks to align their internal audit function…