The internal audit questionnaire assesses the internal audit function in several areas:
1. It asks if the internal auditor has devised an audit plan identifying risk areas and if audit programs and questionnaires exist for each area.
2. It inquires about the independence of the internal audit function.
3. It contains detailed questions about the internal auditor's work reviewing cash, funds transfer activities, due from banks, consigned items, investments, loans, and other key areas.
This document provides an overview of external confirmations as an audit procedure. It defines external confirmation as obtaining evidence directly from a third party in written form. External confirmations are commonly used to verify information with debtors, creditors, banks, lawyers, and those holding company assets/investments. The document outlines factors to consider when using confirmations, such as timing, sample selection, request design. It distinguishes between positive and negative confirmation requests and the risks of each. It also describes audit procedures to follow up on responses, such as investigating exceptions or non-responses to positive confirmations.
This document contains 49 multiple choice questions about risk assessment and internal control evaluation. It covers topics such as the auditor's responsibility regarding internal controls, separation of duties, control activities, obtaining an understanding of internal controls, control risk assessment, tests of controls, and internal control deficiencies.
Audit of other assets (and related items)Khalid Aziz
This document discusses auditing procedures for various asset accounts including prepaid expenses, intangible assets, and property, plant and equipment. It provides details on assessing inherent and control risks, substantive analytical procedures, and tests of details for transactions in these accounts. Key aspects covered include confirming prepaid insurance policies, assessing valuation of intangible assets, and procedures over the property management process such as authorizing capital expenditures and taking physical inventories.
This document describes a 2-day training course on internal auditing for newcomers to the profession. The course will define internal auditing, explain the internal audit process and the role of internal auditors. It will break down the audit process and cover topics like the history of internal auditing, the International Professional Practices Framework, the IIA definition, different types of audits, and how auditors can add value. The target audience is practicing internal auditors and the course will use presentations, group exercises and discussions to help participants understand internal auditing.
Internal Audit Role in Risk Management Questionnaire David Offei
This document appears to be the introduction to a questionnaire about the role of internal audit functions and risk management at GCB Bank. It provides background information on the research being conducted by a student at Regent University College of Science and Technology Ghana. The respondent is assured that their responses will remain confidential and anonymous. The questionnaire itself contains sections on background information, the existence and functions of the internal audit department, the status of risk assessment and management, and any hindrances to the internal audit department's operations. The respondent is asked to tick boxes or fill in short answers.
VMworld 2013: Performance and Capacity Management of DRS Clusters VMworld
VMworld 2013
Anne Holler, VMware
Ganesha Shanmuganathan, VMware
Learn more about VMworld and register at http://www.vmworld.com/index.jspa?src=socmed-vmworld-slideshare
The document is a prescreening questionnaire for a sales representative position. It asks a series of questions to assess a candidate's eligibility to work legally in the US without sponsorship, sales experience, skills, and qualifications for the role. Candidates are asked to provide details about their educational and professional background, licensing, sales track record, technical knowledge, time management skills, and compensation requirements. The questionnaire aims to evaluate a candidate's fit for the position prior to scheduling an interview.
This document contains 25 multiple choice questions related to auditing standards and procedures. The questions cover topics such as audit planning, analytical procedures, materiality, audit risk, knowledge of the client's business, and assessing the going concern assumption. They assess understanding of audit documentation requirements, engagement responsibilities, risk assessment, and forming an audit opinion.
This document provides an overview of external confirmations as an audit procedure. It defines external confirmation as obtaining evidence directly from a third party in written form. External confirmations are commonly used to verify information with debtors, creditors, banks, lawyers, and those holding company assets/investments. The document outlines factors to consider when using confirmations, such as timing, sample selection, request design. It distinguishes between positive and negative confirmation requests and the risks of each. It also describes audit procedures to follow up on responses, such as investigating exceptions or non-responses to positive confirmations.
This document contains 49 multiple choice questions about risk assessment and internal control evaluation. It covers topics such as the auditor's responsibility regarding internal controls, separation of duties, control activities, obtaining an understanding of internal controls, control risk assessment, tests of controls, and internal control deficiencies.
Audit of other assets (and related items)Khalid Aziz
This document discusses auditing procedures for various asset accounts including prepaid expenses, intangible assets, and property, plant and equipment. It provides details on assessing inherent and control risks, substantive analytical procedures, and tests of details for transactions in these accounts. Key aspects covered include confirming prepaid insurance policies, assessing valuation of intangible assets, and procedures over the property management process such as authorizing capital expenditures and taking physical inventories.
This document describes a 2-day training course on internal auditing for newcomers to the profession. The course will define internal auditing, explain the internal audit process and the role of internal auditors. It will break down the audit process and cover topics like the history of internal auditing, the International Professional Practices Framework, the IIA definition, different types of audits, and how auditors can add value. The target audience is practicing internal auditors and the course will use presentations, group exercises and discussions to help participants understand internal auditing.
Internal Audit Role in Risk Management Questionnaire David Offei
This document appears to be the introduction to a questionnaire about the role of internal audit functions and risk management at GCB Bank. It provides background information on the research being conducted by a student at Regent University College of Science and Technology Ghana. The respondent is assured that their responses will remain confidential and anonymous. The questionnaire itself contains sections on background information, the existence and functions of the internal audit department, the status of risk assessment and management, and any hindrances to the internal audit department's operations. The respondent is asked to tick boxes or fill in short answers.
VMworld 2013: Performance and Capacity Management of DRS Clusters VMworld
VMworld 2013
Anne Holler, VMware
Ganesha Shanmuganathan, VMware
Learn more about VMworld and register at http://www.vmworld.com/index.jspa?src=socmed-vmworld-slideshare
The document is a prescreening questionnaire for a sales representative position. It asks a series of questions to assess a candidate's eligibility to work legally in the US without sponsorship, sales experience, skills, and qualifications for the role. Candidates are asked to provide details about their educational and professional background, licensing, sales track record, technical knowledge, time management skills, and compensation requirements. The questionnaire aims to evaluate a candidate's fit for the position prior to scheduling an interview.
This document contains 25 multiple choice questions related to auditing standards and procedures. The questions cover topics such as audit planning, analytical procedures, materiality, audit risk, knowledge of the client's business, and assessing the going concern assumption. They assess understanding of audit documentation requirements, engagement responsibilities, risk assessment, and forming an audit opinion.
The document discusses the sales and collection cycle for auditing purposes. It identifies key accounts and transactions within the cycle. These include sales, accounts receivable, cash receipts, sales returns and allowances, bad debt expense, and write-offs of uncollectible accounts. It also describes the related business functions, documents, internal controls, and audit procedures for testing controls and transactions within the sales and collection cycle.
This document contains a preliminary requirements gathering and scoping questionnaire for implementing a Hyperion Planning process to manage and control business costs. It includes questions in several areas to understand organizational setup, charts of accounts, data integration, performance management processes, planning/budgeting/forecasting, consolidation issues, and financial reporting/analytics. The goal is to determine critical success factors and gather information to create an effective requirements document for the project.
Questionnaire survey for the research of cosmetics sales promotions in Boots Annabel Nguyen
This survey document contains a 10-question survey about cosmetics sales promotions at Boots stores that is intended for 18-24 year old British female students at Bournemouth University. The survey asks respondents about their awareness of and preferences for different types of sales promotions including buy one get one free offers, loyalty programs, and mix-and-match deals. Respondents are also asked to rate statements about how the promotions make them feel and their likelihood of making a purchase during different promotional campaigns. The survey should only be completed by respondents that meet the outlined criteria and will be used for academic research purposes.
The document defines internal control as a process overseen by a company's board of directors and senior management to reasonably ensure: effective and efficient operations, reliable financial reporting, and compliance with laws and regulations. It then provides 35 questions regarding internal controls for a manufacturing company, including questions about the effectiveness of the system, its ability to prevent fraud, optimization of resource use, accounting procedures, and controls over expenditures, payroll, investments and more. The source is listed as both internet resources and self-composed material.
This document is an internal control questionnaire for an organization's HR department. It contains questions to audit various HR functions including management, hiring, new employees, wages and hours, benefits, employee relations, safety and security, discrimination and employee rights, workers' compensation, and employee separation. The questionnaire is used to assess regulatory compliance and effectiveness of HR systems and policies.
The document contains a 16 question questionnaire about a customer's experience test driving and evaluating a Vespa scooter. The questionnaire asks about current vehicle ownership, how the customer learned about Vespa, ratings of the scooter's style, performance, quality and features like storage and safety. Questions also cover price point, color preference, explanations from sales staff and how Vespa compares to other brands. The final question asks for an overall rating and any additional feedback.
Questionnaire for the survey of electronics market(for school/college projects)Dan John
The document is a 15 question questionnaire about consumer electronics. It asks respondents for their name, age, gender and occupation. It then asks questions to gauge the respondent's satisfaction with consumer electronics brands, purchase history of electronic gadgets, preferences between brands like Samsung and Apple, and perceptions of Samsung's products and market position.
The document discusses the auditor's responsibility to inquire from management about subsequent events that may affect the financial statements according to SA 560. It lists 9 specific inquiries the auditor should make, including inquiries about new commitments or borrowings, sales or acquisitions of assets, changes in capital, events affecting estimates or provisions, and events affecting asset recoverability. Maintaining an attitude of professional skepticism is important when evaluating management's responses to such inquiries.
This document outlines Sri Lanka Auditing Standard 610 regarding an external auditor's consideration of internal audit work. It discusses:
1) The purpose and scope of internal auditing as well as its relationship to the work of an external auditor.
2) How an external auditor should obtain an understanding of and assess the internal audit function.
3) How an external auditor should evaluate specific internal audit work, including considering the scope and conclusions.
4) That compliance with this standard ensures compliance with the corresponding International Standard on Auditing.
This document provides an overview of auditing and internal control. It defines different types of audits, including external financial audits, internal audits, and fraud audits. It describes the roles of external and internal auditors and audit committees. Key aspects of the audit process are explained, including audit risk, management assertions, audit objectives, and audit procedures. The document also provides details on auditing standards and the importance of internal control systems as defined by regulations like Sarbanes-Oxley.
Chapter 1 auditing and internal controljayussuryawan
This document provides an overview of auditing concepts including:
- The differences between attestation and advisory services, and the relationship between external, internal, and fraud audits.
- Key standards and frameworks for internal control including COSO and Sarbanes-Oxley.
- The audit process including planning, testing of controls, and substantive tests using CAATTs software.
- How management assertions and audit objectives guide audit procedures and evidence collection.
The document discusses the differences and relationships between internal auditing and external auditing. It notes that internal auditing provides independent assurance to improve an organization's operations, while external auditing expresses an opinion on the organization's financial statements. Both aim to evaluate risk management and controls, but internal auditing focuses more on operational auditing, while external auditing examines historical financial data. There can be a cooperative relationship between the two, with internal auditors providing expertise and information to external auditors, but external auditors ultimately maintain independence and sole responsibility for the audit opinion.
Auditing is defined as the process of assessing an organization's compliance with financial, operational, and strategic goals and regulatory requirements. There are several types of auditing, including internal auditing conducted by an organization's employees, and external auditing by independent third parties. Financial, strategic, operational, and IT audits also take place. The principles of auditing include integrity, independence, objectivity, confidentiality, skill and competence, documentation, planning, evidence collection, and reporting conclusions. Auditing provides benefits such as assurance to owners and identifying errors and fraud. However, it also has disadvantages like cost and taking up time.
The document provides an introduction and overview of auditing. It defines auditing as examining accounting records to establish if they accurately reflect transactions. The key objectives of auditing are reporting, detecting and preventing frauds and errors. The specific objectives can depend on whether it is an internal audit or audit for other purposes like obtaining a bank loan. Auditing aims to verify that accounting policies are followed and financial statements present a true and fair view.
The document discusses standards on auditing related to using the work of another auditor (SA 600), using the work of internal auditors (SA 610), and using the work of an auditor's expert (SA 620).
SA 600 establishes standards for situations where a principal auditor uses the work of another auditor for a component of a financial statement. It addresses acceptance as a principal auditor, procedures for the principal auditor, coordination between auditors, and reporting considerations.
SA 610 addresses using the work of an entity's internal audit function. It discusses determining whether and to what extent internal audit work can be used, and evaluating the internal audit function and work.
SA 620 establishes standards for using the work of an
Internal audit means a continuous critical review of financial and operating matters of a business. In other words, we can say that the audit of a business conducted by the business for a continuous basis. Internal audit is done by the internal staff appointed particularly for the audit purposes. These are called internal auditors.
The document discusses standards related to internal auditing. It defines relevant evidence as factual, adequate, convincing, reliable based on appropriate techniques, consistent with audit objectives, and helps the organization meet its goals. It notes the authoritative source for a chief audit executive to seek approval of an internal audit charter is the IIA Standards. It states all examples provided are consulting services except for system security engagements, which are assurance services. It also notes risk registers document risks below the strategic level, including inherent and residual risks, lack of key controls, and lack of mitigating factors.
The document provides an overview of bank auditing. It discusses that bank audits are independently conducted by internal and external auditors to examine banking documents and provide an opinion. Bank audits are needed to increase efficiency, quickly present accounts, prepare interim reports, provide technical knowledge, ensure regularity of client staff, and identify errors and frauds. The main types of bank audits are internal audit, which is designed to improve risk management and governance, and external audit, which is conducted by independent auditors to audit annual financial statements. The document outlines the bank audit process, areas that are audited such as income, expenses, IT systems, and qualifications and duties of appointed auditors. Auditors can issue qualified, unqualified
The document discusses the advantages of auditing. It lists 15 advantages such as errors and frauds being detected early, accounts clerks being more vigilant, audited accounts being accepted by tax authorities, and management being able to get advice from auditors. It also discusses different types of audits based on legislative control, relationship with management, periodicity, coverage, and manner of checking. The last section compares internal auditing with external auditing.
The document discusses the sales and collection cycle for auditing purposes. It identifies key accounts and transactions within the cycle. These include sales, accounts receivable, cash receipts, sales returns and allowances, bad debt expense, and write-offs of uncollectible accounts. It also describes the related business functions, documents, internal controls, and audit procedures for testing controls and transactions within the sales and collection cycle.
This document contains a preliminary requirements gathering and scoping questionnaire for implementing a Hyperion Planning process to manage and control business costs. It includes questions in several areas to understand organizational setup, charts of accounts, data integration, performance management processes, planning/budgeting/forecasting, consolidation issues, and financial reporting/analytics. The goal is to determine critical success factors and gather information to create an effective requirements document for the project.
Questionnaire survey for the research of cosmetics sales promotions in Boots Annabel Nguyen
This survey document contains a 10-question survey about cosmetics sales promotions at Boots stores that is intended for 18-24 year old British female students at Bournemouth University. The survey asks respondents about their awareness of and preferences for different types of sales promotions including buy one get one free offers, loyalty programs, and mix-and-match deals. Respondents are also asked to rate statements about how the promotions make them feel and their likelihood of making a purchase during different promotional campaigns. The survey should only be completed by respondents that meet the outlined criteria and will be used for academic research purposes.
The document defines internal control as a process overseen by a company's board of directors and senior management to reasonably ensure: effective and efficient operations, reliable financial reporting, and compliance with laws and regulations. It then provides 35 questions regarding internal controls for a manufacturing company, including questions about the effectiveness of the system, its ability to prevent fraud, optimization of resource use, accounting procedures, and controls over expenditures, payroll, investments and more. The source is listed as both internet resources and self-composed material.
This document is an internal control questionnaire for an organization's HR department. It contains questions to audit various HR functions including management, hiring, new employees, wages and hours, benefits, employee relations, safety and security, discrimination and employee rights, workers' compensation, and employee separation. The questionnaire is used to assess regulatory compliance and effectiveness of HR systems and policies.
The document contains a 16 question questionnaire about a customer's experience test driving and evaluating a Vespa scooter. The questionnaire asks about current vehicle ownership, how the customer learned about Vespa, ratings of the scooter's style, performance, quality and features like storage and safety. Questions also cover price point, color preference, explanations from sales staff and how Vespa compares to other brands. The final question asks for an overall rating and any additional feedback.
Questionnaire for the survey of electronics market(for school/college projects)Dan John
The document is a 15 question questionnaire about consumer electronics. It asks respondents for their name, age, gender and occupation. It then asks questions to gauge the respondent's satisfaction with consumer electronics brands, purchase history of electronic gadgets, preferences between brands like Samsung and Apple, and perceptions of Samsung's products and market position.
The document discusses the auditor's responsibility to inquire from management about subsequent events that may affect the financial statements according to SA 560. It lists 9 specific inquiries the auditor should make, including inquiries about new commitments or borrowings, sales or acquisitions of assets, changes in capital, events affecting estimates or provisions, and events affecting asset recoverability. Maintaining an attitude of professional skepticism is important when evaluating management's responses to such inquiries.
This document outlines Sri Lanka Auditing Standard 610 regarding an external auditor's consideration of internal audit work. It discusses:
1) The purpose and scope of internal auditing as well as its relationship to the work of an external auditor.
2) How an external auditor should obtain an understanding of and assess the internal audit function.
3) How an external auditor should evaluate specific internal audit work, including considering the scope and conclusions.
4) That compliance with this standard ensures compliance with the corresponding International Standard on Auditing.
This document provides an overview of auditing and internal control. It defines different types of audits, including external financial audits, internal audits, and fraud audits. It describes the roles of external and internal auditors and audit committees. Key aspects of the audit process are explained, including audit risk, management assertions, audit objectives, and audit procedures. The document also provides details on auditing standards and the importance of internal control systems as defined by regulations like Sarbanes-Oxley.
Chapter 1 auditing and internal controljayussuryawan
This document provides an overview of auditing concepts including:
- The differences between attestation and advisory services, and the relationship between external, internal, and fraud audits.
- Key standards and frameworks for internal control including COSO and Sarbanes-Oxley.
- The audit process including planning, testing of controls, and substantive tests using CAATTs software.
- How management assertions and audit objectives guide audit procedures and evidence collection.
The document discusses the differences and relationships between internal auditing and external auditing. It notes that internal auditing provides independent assurance to improve an organization's operations, while external auditing expresses an opinion on the organization's financial statements. Both aim to evaluate risk management and controls, but internal auditing focuses more on operational auditing, while external auditing examines historical financial data. There can be a cooperative relationship between the two, with internal auditors providing expertise and information to external auditors, but external auditors ultimately maintain independence and sole responsibility for the audit opinion.
Auditing is defined as the process of assessing an organization's compliance with financial, operational, and strategic goals and regulatory requirements. There are several types of auditing, including internal auditing conducted by an organization's employees, and external auditing by independent third parties. Financial, strategic, operational, and IT audits also take place. The principles of auditing include integrity, independence, objectivity, confidentiality, skill and competence, documentation, planning, evidence collection, and reporting conclusions. Auditing provides benefits such as assurance to owners and identifying errors and fraud. However, it also has disadvantages like cost and taking up time.
The document provides an introduction and overview of auditing. It defines auditing as examining accounting records to establish if they accurately reflect transactions. The key objectives of auditing are reporting, detecting and preventing frauds and errors. The specific objectives can depend on whether it is an internal audit or audit for other purposes like obtaining a bank loan. Auditing aims to verify that accounting policies are followed and financial statements present a true and fair view.
The document discusses standards on auditing related to using the work of another auditor (SA 600), using the work of internal auditors (SA 610), and using the work of an auditor's expert (SA 620).
SA 600 establishes standards for situations where a principal auditor uses the work of another auditor for a component of a financial statement. It addresses acceptance as a principal auditor, procedures for the principal auditor, coordination between auditors, and reporting considerations.
SA 610 addresses using the work of an entity's internal audit function. It discusses determining whether and to what extent internal audit work can be used, and evaluating the internal audit function and work.
SA 620 establishes standards for using the work of an
Internal audit means a continuous critical review of financial and operating matters of a business. In other words, we can say that the audit of a business conducted by the business for a continuous basis. Internal audit is done by the internal staff appointed particularly for the audit purposes. These are called internal auditors.
The document discusses standards related to internal auditing. It defines relevant evidence as factual, adequate, convincing, reliable based on appropriate techniques, consistent with audit objectives, and helps the organization meet its goals. It notes the authoritative source for a chief audit executive to seek approval of an internal audit charter is the IIA Standards. It states all examples provided are consulting services except for system security engagements, which are assurance services. It also notes risk registers document risks below the strategic level, including inherent and residual risks, lack of key controls, and lack of mitigating factors.
The document provides an overview of bank auditing. It discusses that bank audits are independently conducted by internal and external auditors to examine banking documents and provide an opinion. Bank audits are needed to increase efficiency, quickly present accounts, prepare interim reports, provide technical knowledge, ensure regularity of client staff, and identify errors and frauds. The main types of bank audits are internal audit, which is designed to improve risk management and governance, and external audit, which is conducted by independent auditors to audit annual financial statements. The document outlines the bank audit process, areas that are audited such as income, expenses, IT systems, and qualifications and duties of appointed auditors. Auditors can issue qualified, unqualified
The document discusses the advantages of auditing. It lists 15 advantages such as errors and frauds being detected early, accounts clerks being more vigilant, audited accounts being accepted by tax authorities, and management being able to get advice from auditors. It also discusses different types of audits based on legislative control, relationship with management, periodicity, coverage, and manner of checking. The last section compares internal auditing with external auditing.
The document discusses auditing investments and cash balances. It covers auditing objectives for investments including occurrence, completeness, accuracy, cutoff, and classification of transactions. It also discusses common investment documents and records, internal controls over investment functions, and substantive audit tests for investments including analytical procedures and tests of transactions. For cash balances, it discusses the relationship to transaction cycles, cash budgeting, and substantive audit tests including cutoff tests, bank reconciliations, and confirmation procedures.
The document discusses internal audit and controls at SBP-BSC. It outlines the scope and responsibilities of the Internal Audit Department which includes examining internal controls, compliance, risk management, and making recommendations for improvement. The department consists of inspection teams, IT audit, enforcement, and surveillance units. It conducts on-site audits of field offices and departments annually. Off-site surveillance is also conducted through internal audit units located at field offices. The department works to enforce rules and regulations, and conducted various training programs during the fiscal year to build employees' capacities.
This document provides information about a student project on how internal audit can control costs. It includes:
- An introduction and title page identifying the student, college, and subject of the advanced cost accounting project.
- Pages for evaluation certificates, declarations, acknowledgements, and a table of contents of the project material.
- The start of chapter 1 on introducing internal audit, including its meaning, history, and how it relates to cost control.
The document appears to be the beginning sections of a student project outlining how internal audit functions can help control costs within an organization. It provides background information and sets up the structure for the project analysis.
The internal auditor identified opportunities to reduce costs in several areas:
1. Negotiating lower freight rates given the significant decline in crude oil prices that were not reflected in the company's constant shipping costs.
2. Eliminating double taxation on food products provided by a canteen vendor by having the vendor bill the company directly for branded items.
3. Exploring opportunities to negotiate higher rates for scrap materials given the company's annual scrap income of Rs. 1.2 crores.
Internal audit profession Class Quizz.pptxandre608304
The document contains a 10 question quiz for internal audit professionals to test their knowledge on topics including: the parties internal audit provides information to; the types of business processes related to different internal audit engagements; threats to internal auditor attributes from receiving invitations; the mandatory guidance provided by the Institute of Internal Auditors; and whether certain internal audit activities represent assurance or consulting engagements. Participants are prompted to select the correct answers using a poll function on a collaboration platform.
Audit working papers are documents prepared or obtained by auditors that provide evidence of the audit work performed. They include information used to plan and conduct the audit, as well as evidence to support the auditor's opinion. Working papers serve several purposes, such as providing evidence of compliance with auditing standards, supporting the conclusions in the audit report, and allowing for review of the audit work. They must be organized, indexed, and signed or initialed by the preparer and reviewer. Working papers are the property of the auditing firm but may be subpoenaed by a court.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Seminar: Gender Board Diversity through Ownership Networks
422131
1. Internal Audit
Questionnaire
Yes No
GENERAL QUESTIONNAIRE
Review reports and the appropriate programs and work papers of the auditors in order to an-
swer the following audit function questions. Where appropriate, retain supporting
documentation and pertinent information or note it under “Comments.”
Explain all “No” answers.
1. Has the auditor devised an overall audit plan identifying areas of risk?
2. Do programs and questionnaires exist for each area?
3. Is the independence of the internal auditor assured, based upon review of documentation
such as the function's charter or the organization chart of the institution?
4. If the institution outsources responsibility for the internal audit function, does the outside
contractor remain independent and not act in a capacity equivalent to management?
Does the arrangement comply with current AICPA guidance?
5. Where the auditor used operating personnel, is there documentation showing that:
Either the auditor, or someone the auditor directs, closely supervised the operating
personnel’s work?
They did not audit records of the department to which they are assigned or their own
work?
6. Does the internal auditor meet with the directors at least annually to discuss written re-
ports of audit?
How often? ___________________
7. Do audit programs include tests of physical and accounting controls performed in the
following (minimum) areas:
Cash?
Consigned items and other nonledger control accounts?
Investments?
Loans?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 1 of 14
2. Internal Audit
Questionnaire
Yes No
Loans and participations sold and purchased?
Allowances for credit losses?
Deposits?
Confirmation of loans and deposits?
Note: Detailed questions concerning the internal audit staff work in each of these areas follow.
Cash
1. Does the internal audit staff count and balance cash on hand?
How often? ___________________
Do they make cash counts on a surprise basis?
2. Do they test bank account reconciliations for accuracy?
3. Do they test cash receipt procedures?
4. Do they test cash disbursement procedures?
Do they review cash control records and trace any apparently large or unusual cash
movements to or from a department or branch?
Funds Transfer Activities
1. Does the internal auditor review the wire transfer function for segregation of duties in-
volving receipt, processing, settlement, accounting, and reconciliation?
2. Does the internal auditor test staff compliance with credit and personnel procedures, op-
erating instructions, and internal controls?
3. Does the internal auditor review overnight drafts?
Due From Banks
1. Does the internal auditor test the bank reconcilement including the Federal Reserve
Bank?
Do they receive cut-off bank statements as of the examination date and an appropri-
ate date subsequent to the examination date for use in testing bank reconcilement?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 2 of 14
3. Internal Audit
Questionnaire
Yes No
2. Does the internal auditor review all returned items for an appropriate period subsequent
to the examination date?
3. Does the internal auditor confirm due from banks?
4. Does the internal auditor check the accuracy and completeness of reports submitted to
the Federal Reserve for calculation of required reserve balances?
Consigned Items and Other Nonledger Control Accounts
1. Does the internal auditor balance and confirm consignment items?
How often? __________________
On a surprise basis?
2. Does the internal auditor test income from the sale of consignment items?
3. Does the internal auditor test rental income for safe deposit boxes?
4. Does the internal auditor check vault entry records for signature(s) of authorized per-
sons?
5. Does the internal auditor examine safekeeping/custodial accounts or confirm them with
an outside custodian?
6. Does the internal auditor test the completeness of safekeeping/custodial items and re-
cords by examining supporting documentation or by confirming with customers?
7. Does the internal auditor test closed safekeeping/custodial accounts?
8. Does the internal auditor test fee income for safekeeping/custodial accounts?
9. Does the internal auditor test collection items by examining supporting documentation,
subsequent receipt of payments, disbursement to customers of funds collected, or by
confirming with customers?
Does the internal auditor test collection fee income?
Investments
1. Does the internal auditor verify that the board adopted written investment policies that
include the institution’s investment limits, each trader’s limits, etc.?
2. Does the internal auditor examine or confirm all investment securities?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 3 of 14
4. Internal Audit
Questionnaire
Yes No
3. Has the internal auditor ascertained that securities transactions are in keeping with stated
portfolio objectives?
Has the internal auditor also:
Reviewed the securities dealers with who the institution conducts securities activi-
ties?
Reviewed objectionable investment portfolio transactions?
4. Does the internal auditor test that all investment securities transactions are authorized?
5. Does the internal auditor verify investment securities balances (including physical count
of securities located in the institution, and confirm institution ownership and control of
securities held in custody outside the institution)?
6. Does the internal auditor verify the book and market values of investment securiti
7. Does the internal auditor reconcile the accrued interest accounts to detail, and check
computations of interest income?
8. Does the internal auditor test the gain and loss on investment securities sold during the
period?
9. Does the internal auditor review hedging activities (forward commitments, futures, op-
tions, and interest rate swaps) for compliance with internal policies and procedures and
strategies?
10. Does the internal auditor check for compliance with laws and regulations applicable to
those savings institutions engaging in the purchase or sale of securities instruments for
their own account or for the account of customers (including providing commodity ad-
vice to customers)?
11. Does the internal auditor check for compliance with the FFIEC “Supervisory Policy
Statement on Investment Securities and End-User Derivatives Activities?”
12. Does the internal auditor check for compliance with the repurchase agreement provision
of the Government Securities Act for non-dealer entities?
Retail Nondeposit Investment Sales
1. Does the internal auditor check the monitoring and resolution of customer complaints?
2. Does the internal auditor test customer accounts for proper disclosures?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 4 of 14
5. Internal Audit
Questionnaire
Yes No
3. Does the internal auditor check for conflicts of interest?
4. Does the internal auditor review the saving association’s compensation program for re-
tail nondeposit investment product sales?
5. If the savings association has a separate compliance program for retail nondeposit in-
vestment product sales, did the internal auditor review the adequacy of the compliance
program?
6. Where the savings association offers retail nondeposit investment products through an
independent third-party vendor, did the internal auditor review vendor adherence to the
governing agreement?
7. Did the internal auditor ascertain that the sales activities were in keeping with estab-
lished policies and procedures, applicable laws, and regulations, and the February 15,
1994, “Interagency Statement on Retails Sales of Nondeposit Investment Products?”
Subordinate Organizations and Affiliates
1. Does the internal auditor review and test the investment in and the transactions with re-
lated organizations?
2. Does the internal auditor determine that investments, advances, or transactions with af-
filiates are consistent with covenants of debt or other instruments as approved by the
board of directors or bank management?
Derivatives
The level of internal auditor expertise should be consistent with the level of activity and degree
of risk assumed by the savings association. In some cases, a savings association may need to
outsource internal audit coverage of derivative activities to ensure that the persons performing
the audit work possess sufficient depth and experience.
1. Does the internal auditor assess the adequacy and reasonableness of information ob-
tained and used in risk management systems (market, credit, liquidity, and operation and
systems)?
2. Does the internal auditor validate the data integrity of significant market, liquidity, and
risk management models?
3. Does the external auditor determine that contract documentation is properly maintained
and safeguarded, and ascertain that legal counsel has properly reviewed documents?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 5 of 14
6. Internal Audit
Questionnaire
Yes No
4. Has the external auditor confirmed the effectiveness of internal control systems used for
derivatives transaction processing and valuation?
5. Has the external auditor checked compliance with laws, rules, regulation, proper ac-
counting, and taxation considerations?
6. Has the internal auditor ascertained the savings association staff performs derivative ac-
tivities within the guidelines provided by bank policies and procedures?
Loans
(Loans include commercial loans, installment loans, floor plan loans, credit card loans, home
equity, and construction).
1. Does the internal auditor determine if the institution maintains up-to-date documentation
showing lending policies and procedures?
2. Does the internal auditor determine whether compliance with policies and procedures is
adequate?
3. Does the internal auditor test delinquency lists?
How often? __________________
4. Does the internal auditor test interest and accrual computations?
How often? __________________
5. Does the internal auditor verify loan and escrow (impound) account balances (including
confirmation procedures)?
Does the internal auditor physically inspect collateral, if applicable?
Has the internal auditor tested the pricing of negotiable collateral, if applicable?
6. Does the internal auditor examine notes and other legal documentation for authorized
approvals and compliance with policies?
7. Do the internal auditor’s work papers disclose:
The number and percent of new loan files examined compared with the total origi-
nated during the period?
The number and percent of files applicable to previous audit periods examined com-
pared with the total number outstanding as of the audit date?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 6 of 14
7. Internal Audit
Questionnaire
Yes No
The basis used for selection of loan accounts for inspection and the specific docu-
ments inspected?
8. Does the internal auditor note all material exceptions?
9. Does the internal auditor determine the adequacy of insurance coverage and ensure that
the institution names itself as loss payee?
10. Does the internal auditor verify the loan-in-process accounts?
11. Does the internal auditor review the sales of repossessed collateral/foreclosed mortgages
to determine the propriety of the entries made to record the sales?
Loans and Participations Sold or Purchased
1. Do the internal auditor’s work papers indicate the extent of audit procedures performed
and conclusions reached?
2. Does the internal auditor confirm:
Significant balances of loans and participations sold or purchased?
Significant terms of purchase or sales agreements?
3. Do the internal auditor’s work papers indicate the methods used to determine the ade-
quacy of auditing procedures on loans serviced by others?
4. Do the internal auditor’s procedures include, when appropriate, obtaining letters from
servicing organizations’ auditors confirming the extent of their audit procedures?
5. For loans purchased, do the internal auditor’s procedures verify that:
The underwriting meets the institution’s underwriting standards?
The institution obtains, reviews, and retains all pertinent documents?
Mortgage Banking Activities
1. Does the internal auditor test book and fair-market values of mortgage servicing assets?
2. Does the internal auditor verify the appropriateness of hedge accounting?
3. Does the internal auditor test the accuracy of tracking systems by verifying that docu-
mentation was on hand, or in process of being received, for loans awaiting sales and
those being serviced?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 7 of 14
8. Internal Audit
Questionnaire
Yes No
Did the internal auditor follow up on any exceptions outstanding over 120 days?
4. Does the internal auditor test impairment analyses?
5. Does the internal auditor determine the accuracy of financial reporting systems and other
management information systems?
6. Does the internal auditor check compliance with established policies and procedures,
accounting procedures, lows, rules, and regulations?
Leasing Activities
1. Does the internal auditor confirm leases and related balance sheet accounts?
2. Does the internal auditor review the leases and other legal documentation?
3. Does the internal auditor test the computation of depreciation expense, interest expense,
or rental income?
4. Does the internal auditor test the computation of any gain or loss on sales and disposals
of property and trace the sales proceeds to cash receipts records?
5. Does the internal auditor determine that account balances accurately reflect any deferred
tax liability or asset?
6. Does the internal auditor review insurance coverage and determine that property damage
coverage is adequate in relation to book value and that liability insurance is in effect?
Allowances for Credit Losses
1. In determining the adequacy of the general and specific allowances for credit losses, in-
cluding the allowance for loan and lease losses (ALLL):
Does the internal auditor verify loan balances for the loans charged off since the last
audit?
Does the internal auditor examine the supporting documentation for loans charged
off?
Does the internal auditor reconcile loan recovery detail amounts to credit entries in
the appropriate general ledger accounts?
Does the internal auditor assess whether the ALLL is adequate to provide for losses
for the remaining life of all classified loans and for the next 12 months for the loans
that are not classified?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 8 of 14
9. Internal Audit
Questionnaire
Yes No
2. Does the internal auditor verify that the institution uses a board-approved method to de-
termine the need for and adequacy of allowances for credit losses?
Does this methodology comply with OTS policy, GAAP, and industry practice?
3. Is an adequate record available indicating which assets the internal auditor reviewed for
classification and when?
4. Does the internal auditor consider self-classifications of loans in determining the ade-
quacy of the allowances for credit losses?
5. Does the internal auditor test the recording of deferred tax credits (charges) if the deduc-
tion for loan losses on the thrift’s tax return was different from that charged to
operations?
Deposits: Demand, Time Deposit Savings Accounts, and other
Transaction Accounts
1. Does the auditor maintain up-to-date documentation showing savings policies and prac-
tices?
2. Is the extent of the internal auditor’s tests to determine compliance with board-approved
policies and practices adequate?
3. Does the internal auditor address the following (minimum) areas for dual control and
segregation of duties:
Inactive accounts?
Closed accounts: Does the internal auditor test closed accounts and determine that
they were properly closed?
Dormant accounts: Does the internal auditor test account activity in dormant ac-
counts, bank-controlled accounts, employee/officer accounts, and accounts of
employees’/officers’ business interests?
Passbooks and certificates?
Certificates of deposit: Does the internal auditor account for numerical sequence of
pre-numbered certificates of deposits?
Opening accounts?
Closing accounts?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 9 of 14
10. Internal Audit
Questionnaire
Yes No
Loans on deposits?
Account transfers?
Interest (dividend) computation?
Confirmation of Loans, Demand, Time Deposit Savings Accounts, and
Other Transaction Accounts
1. Does the internal auditor use an adequate method to determine the extent of confirma-
tion?
2. Do the internal auditor’s work papers show the number and percent (both by number and
dollar amount) of loans and deposit accounts confirmed?
What basis does the internal auditor use to select accounts to confirm?
________________________________
Is it appropriate?
3. If the internal auditor uses statistical sampling, do the work papers disclose:
The method used?
A selection system with a random start?
The confidence level achieved?
4. Does the internal auditor report all material exceptions?
5. Does the internal auditor review overdraft accounts and determine collection potential?
OFFICIAL CHECKS
1. Does the internal auditor reconcile account balances?
2. Does the internal auditor determine the validity and completeness of outstanding
checks?
3. Does the internal auditor examine documentation supporting paid checks?
4. Does the internal auditor test certified checks to customers’ collected funds balances?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 10 of 14
11. Internal Audit
Questionnaire
Yes No
Other
1. Does the internal auditor test borrowings for approval and regulatory compliance?
How often? __________________
Does the internal auditor confirm borrowed funds?
Does the internal auditor examine supporting legal documents, disclosures, and col-
lateral custody agreements, and determine compliance with applicable laws and
regulations?
Does the internal auditor review the minutes of the stockholders’ and board of direc-
tors’ meetings for approval of all borrowing requiring such approval?
Does the internal auditor verify changes in capital notes outstanding?
Does the internal auditor review the accrued interest accounts and test computation
of interest expense?
2. Does the internal auditor review the adequacy of the scope of auditing procedures for
Other Liabilities and Deferred Credits?
Does the internal auditor confirm balances of “other liability” accounts (including
tests for unrecorded liabilities as of a given date)?
Does the internal auditor review the operation and use of any “inter-office” account?
Does the internal auditor review suspense accounts to determine that appropriate
staff clears all items on a timely basis?
3. Does the internal auditor review whether the scope for auditing real estate owned (REO)
accounts is adequate?
Does the internal auditor review procedures to ensure that the institution purchases
appropriate hazard insurance?
Does the internal auditor review current appraisal procedures, market values, and
sales prices?
Does the internal auditor review foreclosure procedures including whether the insti-
tution has proper title?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 11 of 14
12. Internal Audit
Questionnaire
Yes No
Does the internal auditor verify expenses to maintain properties, and confirm rental
income?
Does the internal auditor review monthly reconciliations of the properties to he gen-
eral ledger?
Does the internal auditor review REO reports to the board of directors?
4. Does the internal auditor’s scope for auditing fixed assets include the following proce-
dures:
Examining support for additions, sales, and disposals?
Reviewing property transactions with “bank-affiliated personnel?”
Verifying property balances?
Testing computation of depreciation expense?
Testing computation of gain or loss on property sales and disposals and tracing sales
proceeds to cash receipts records?
Determining that any deferred tax liability or asset, evolving from the use of differ-
ent depreciation methods for book and tax purposes is properly reflected on the
bank’s books?
Accounts Receivable
1. Does the internal auditor perform any of the following procedures:
Confirm loan balances?
Review, or confirm with outside custodian, notes and other legal documentation in-
cluding collateral?
Review the accrued interest accounts and check computation of interest income?
Other Assets
1. Does the internal auditor perform any of the following procedures:
Confirm balances and examine support for additions and disposals?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 12 of 14
13. Internal Audit
Questionnaire
Yes No
Income and Expense
1. Does the internal auditor’s scope adequately address all significant income and expense
accounts?
Does the internal auditor test income and expenses by examining supporting docu-
mentation for authenticity and proper approval?
Does the internal auditor test accruals by either recomputing amounts or examining
documents supporting such accruals?
Test computations for gains and losses on disposals, and for amortizations?
Review inter-office transactions and suspense accounts to determine whether all
items included were temporary?
Capital Stock
1. If an institution acts as its own transfer agent and/or registrar, does the internal auditor
account for all stock certificates (issued and unissued) and reconcile par value of out-
standing shares to appropriate general ledger control accounts?
2. If an institution has an outside transfer agent and/or registrar, did the internal auditor
confirm activity and verify that shares were issued since the previous audit?
3. Does the internal auditor review capital changes?
Dividends
1. Does the internal auditor verify computation of dividends paid and/or accrued on stock?
2. Does the internal auditor review the minutes of the board of directors’ meetings to verify
the propriety and accrual of the dividend payment?
Information System Services
1. Does the internal auditor perform periodic audit procedures for significant automated
applications to determine that workflow is processed accurately and is in conformity with
operating manuals?
2. Does the internal auditor control or periodically review dormant accounts?
3. Does the internal auditor review unposted items?
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 13 of 14
14. Internal Audit
Questionnaire
Yes No
Payment System Risk
1. Does the internal auditor test the bank’s self-assessment?
2. Does the internal auditor review the reasonableness of any de minimis cap?
3. Does the internal auditor ascertain compliance with established bank policy?
Asset Management
1. Does the internal auditor test fee income and client reimbursement?
2. Does the internal auditor examine asset management client contracts?
3. Does the internal auditor check for compliance with applicable laws, regulations, and rul-
ings?
4. Does the internal auditor ascertain adherence with established bank policies and proce-
dures?
Branches
1. Has the internal auditor performed appropriate audit procedures in the branches during a
reasonable audit cycle that are at least as comprehensive as those listed in the applicable
areas above?
COMMENTS
Exam Date:
Prepared By:
Reviewed By:
355 – Internal Audit Docket #:
02/2002 Page 14 of 14