Emergence of risk-based internal audits in banks: The objectives and scope

Accounting

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…

How revenue audit carried out in Banks?

Accounting

Revenue audit of a bank branches is the audit of items governing income & expenditure of banks.The audit is conducted with a view to verify the accuracy, relevance of expenditure incurred & Incomes earned by the banks according to applicable latest notification and circulars. The audit is entrusted to a Charted Accountant who has to…

Concurrent Audit System in Banks

Accounting

In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit?  (4) What is a Legal Audit? (5) What is a statutory audit? In this post let us study what is a concurrent audit? All scheduled bank branches with deposits over Rs. 50…

Statutory audit of banks explained

Accounting

In our previous posts we talked about (1) Tax audit, (2) What is the stock audit, and (3) What is a forensic audit?  (4) What is a Legal Audit? (5) Concurrent Audit System in bank. In this post let us study what is a statutory audit. RBI issues new guidelines for the Appointment of Statutory…