Banks, Auditing

Banks

The Authoritative documents are:

  • The Central Bank of Kenya Act,
  • The Companies Act Cap 486.
  • IAS 30 Disclosure in the Financial statements of Banks and Similar financial Institutions.
  • IAPS 1000 Inter-bank confirmations procedures.
  • IAPS 1004 the Relationship between Supervisors of Banks and Banks External Auditors.
  • IAPS 1006 Audits of the Financial statements of Banks.

 

Key audit points are:

1) Internal control especially with regard to computerisation and internal audit. 

2) Provision for doubtful debts on advances. 

3) The manner of describing the profit figure and balance sheet items which include hidden inner results.

4) Critical re-evaluate of the bank’s financial situation and reserves

 

Posted Date: 12/4/2012 5:23:46 AM | Location : United States







Related Discussions:- Banks, Assignment Help, Ask Question on Banks, Get Answer, Expert's Help, Banks Discussions

Write discussion on Banks
Your posts are moderated
Related Questions
International, Assurance Auditing, Standards Board (IAASB) The prologue to the International Standards on Quality Control, Auditing, Assurance and Related Services is issued to

project report on absorption of overhead and its different method

Assertions about classes Assertions about classes of transactions and events for the period under audit : a) Occurrence -events and transactions which have been recorde

Prepayments - Audit Process Prepayments similar to accruals are not mostly checked through the double entry system. This creates them susceptible to mistake. The auditor's pro

Meaning of the auditing definition a) Orderly and efficient manner: An organization which is run in an orderly and proficient manner is able to satisfy the requirements o

four factors which influence the reliability of audit evidence

Non-statutory Audits The non-statutory audits are performed through independent auditors sicne the owners, proprietors, trustees, members  and governing and professional bodie

WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY

example of it security policies in Hardware

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international stand