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
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An audit company is usually hired to perform the audit process. The auditor will work closely with the company's finance team to review financial statements, internal controls, and other relevant documents. we will provide an overview of how audits work, including the different stages and levels involved in the process. Whether you are a business owner or a professional looking to learn more about auditing practices, this article will serve as a useful guide. In conclusion, PKC Management Consulting is a reputable audit company that offers comprehensive and efficient auditing services for companies of all sizes. With their team of experienced auditors and consultants, they provide valuable insights and recommendations to improve business operations and financial management. Their commitment to integrity, professionalism, and customer satisfaction sets them apart in the industry. If you're looking for an audit partner that can help you achieve your business goals, PKC Management Consulting is the right choice. Contact them today to learn more about their services and how they can add value to your organization.
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Audit company - Audit for companies - PKC Management ConsultingPKCIndia2
An audit company is usually hired to perform the audit process. The auditor will work closely with the company's finance team to review financial statements, internal controls, and other relevant documents. we will provide an overview of how audits work, including the different stages and levels involved in the process. Whether you are a business owner or a professional looking to learn more about auditing practices, this article will serve as a useful guide. In conclusion, PKC Management Consulting is a reputable audit company that offers comprehensive and efficient auditing services for companies of all sizes. With their team of experienced auditors and consultants, they provide valuable insights and recommendations to improve business operations and financial management. Their commitment to integrity, professionalism, and customer satisfaction sets them apart in the industry. If you're looking for an audit partner that can help you achieve your business goals, PKC Management Consulting is the right choice. Contact them today to learn more about their services and how they can add value to your organization.
Internal auditing for boosting company performance in Dubai.pptxCateSusen
Internal auditing plays an important role in streamlining and boosting company performance. Best audit firms in Dubai help organizations in Dubai uncover key risk factors. This allows the entities to project potential future concerns and discover current weaknesses. Moreover, the company can identify underperforming controls and processes and opens up an opportunity to improve on these.
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The purpose of a financial statement audit is to add credibility to the reported financial condition and business performance. Annual reports must be submitted by all publicly traded corporations and are subject to SEC audits.Similarly, lenders typically require audits of the financial statements of the companies they finance. Suppliers may also require audited Financial Statement Preparation in New York before granting trade credit (usually only if the amount of credit requested is substantial).
UBL is the leading auditing firm in Dubai. We become experts in your business with practices across the UAE-helping you take control of finances across all aspects of your business. While we are qualified auditors, accountants and business consultants, our innovative, flexible and business approach is what makes us different.
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What are the major steps in a financial statement audit.pdfRathnakarReddy17
A financial statement audit is a formal examination of a company's financial statements. Its goal is to assess whether financial statements fairly and substantially accurately depict business operations and financial situation in compliance with the Generally Accepted Accounting Principles (GAAP) published by the Financial Accounting Standards Board. The income statement, balance sheet, statement of Cash Flow Budgeting and Forecasting in Washington, and other supporting disclosures are all specifically examined by the auditor for accuracy.A financial statement audit must be performed in accordance with GAAP by an impartial external auditor.
What is the procedure for financial statement audit.pdfRathnakarReddy17
The purpose of a financial statement audit is to add credibility to the reported financial condition and business performance. Annual reports must be submitted by all publicly traded corporations and are subject to SEC audits.Similarly, lenders typically require audits of the financial statements of the companies they finance. Suppliers may also require audited Financial Statement Preparation in New York before granting trade credit (usually only if the amount of credit requested is substantial).
UBL is the leading auditing firm in Dubai. We become experts in your business with practices across the UAE-helping you take control of finances across all aspects of your business. While we are qualified auditors, accountants and business consultants, our innovative, flexible and business approach is what makes us different.
The webinar will provide enriching insights of Credit appraisal, why it is required and the advantages of the same. The key areas of elucidation will include banker's preference for credit appraisal, traditional method Vs current trends, understanding various business models. The discussion shall also include the role of Chartered Accountants in credit appraisal, the edge CA's have over others and also the added advantages it brings in to their professional practise.
Mastering the Art of Bank Branch Audit.docxMiMOiQ1
As financial institutions entrusted with safeguarding public funds and ensuring regulatory compliance, banks undergo rigorous audits to maintain transparency and accountability. One crucial aspect of this audit process is the examination of individual bank branches. In this guide, we'll explore the essential steps and considerations for conducting a successful statutory audit of bank branches.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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3. An audit is an independent
investigation of financial statement of
an organization by the appointed
auditors as per terms of appointment
and statutory liabilities of auditor
with a view to express his
independent opinion.
Audit?
4. Bank Audit
The audit which is
independently examine
banking documents by
internal & external
auditors and published
an auditor’s opinion.
5. Why Bank Audit is Needed?
Increase of efficiency.
Quick presentation of accounts.
Preparation of interim accounts.
Knowledge of technical details.
Wide coverage.
Regularity of clients staff.
Moral check.
Allocation of audit work.
For identify error and frauds.
6. Types of bank audit
Bank Audit
External
Audit
Internal
Audit
7. Internal audit
Internal auditing is an independent, objective assurance
and consulting activity designed to add value and
improve an organization's operations. It helps an
organization accomplish its objectives by bringing a
systematic, disciplined approach to evaluate and
improve the effectiveness of risk management, control,
and governance processes.
8. External Audit
External audit is an audit conducted by an individual or firm
that is independent of the company being audited.
Independent auditors audit the books of a company generally
once per year after the completion of the company’s fiscal
year. Their role is to give an opinion of the financials
statements reflection of the status and operations of the
company being audited. Based on what they witness during
the audit they will also produce, for management and board
utilization, a management letter. Although a financial
statement audit is the most common type of external audit,
external auditors may also conduct special purpose audits
which might include; performing specific tests and
procedures and reporting on the results, a less intensive
review, and compilations
12. Bank Audit Process
Evaluation of Interval control
system
Preparation of audit programme for substantive
testing and it’s execution.
Preparation and submission of Audit
report
Administrative
Controls.
Priliminary Audit
Accounting
Controls.
13. Bank closing set.
Audit report.
Long form Audit report.
Memorandum of changes.
Report on Ghosh.
Other certificates.
14. Audit aspect of items of profitand loss
Check whether all income are properly accounted for.
Check if income on NPAs is not recognized.
Check if Bank has charges Penal interests on default cases.
Verify receipt of Locker Rent
Vouch for expenses.
Check if expenses are grouped in proper headings.
Check whether TDS is deducted on expenses as per applicable
sections and deposited to the credit of government.
Check items of ‘Misc Expenses’.
Whether Reverse Charge on Service Tax has been created?
15. Audit of IT Computer
System in Bank
IT Processes 22 audit
area
Banking Applications
27 Audit Areas
Subsidiary IT Audits
18 Audit Areas
• Securities & Treasury
Applications
• Commercial Loans
• ATM
• Credit CardsSystem
• Core Banking
(Deposits)
• Consumer Loans
• Accountancy
.......
• Telephone Banking
• GarantiBank SA.
• Garanti Pension & Life
Insurance
• Garanti Leasing
• Garanti Securities
• Garanti Factoring
• Garanti Asset Man.
• Garanti Bank Moscow
• Garanti Mortgage
…..
• IT Audits
( IT Governance, IT Strategy &
Source Planning )
• Security Audits
( Network/ Info. Security,...)
• General Process Audits
( Software Development, Change
Management... )
• Infrastructure Audits
( Database Management,,
System Software Manag... )
• Disaster Recovery Audits
16. AppointedAuditors
Appointment of Auditor
First Auditor
Appointed this auditor
within 60 days of the
incorporation(under section
252)
Appointed the professional
auditor
Subsequent Auditor
At the conclusion of 1st
general meeting,first
auditor retired, subsequent
auditor appointed
17. Qualification and Disqualification of Auditors
• Competencies in business acumen ,technical
capacity,ethical conduct & financial management.
• Required education.
• Minimum experience.
• Security clearance.
• Perfaction in his job.
• Maintaining authenticity of data.
Qualification of
an Auditor
• Present or past director,officer or employee of the
bank.
• A relative of bank manager.
• A person who is indebted to the bank.
• A body corporation.
• A person who is disqualified for appointment by
the organization.
• A person who has been convicted by a court.
Disqualification
of an Auditor
19. Auditors Report
There are four kinds of report. Auditors can express
any of them by examine all documents of a bank.
Those report are-
1. Qualified Report.
2. Unquqlified Report.
3. Adverse Report.
4. Disclaimer Report.
20. Future audit
With the developments in banking sector,classical audit practices changed to modern audit
methodologies.
Traditional Methods Modern Methods
Focused in findings errors Focused in system,process and risk
Issue Prevention
Focused to past Focused to future
Financial losses Efficiency
Labor intensive System intensive
Based on problem Based on solution
21. For making this I consulted with the manager and
internal auditor of Southeast Bank Limited for making
this presentation more perfect and attractive.