Banks, Auditing

Assignment Help:

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

 


Related Discussions:- Banks

Briefly explain different types of audit, Government has recently set up a ...

Government has recently set up a parastatal body responsible for waste management in Mauritius. The management is unsure as to the need for an audit and the setting up of an intern

Explain the single audit act, Q. Explain the Single Audit Act? Single A...

Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org

Audit evidence, the availability of audit evidence is necessary but not suf...

the availability of audit evidence is necessary but not sufficient condition for absolute reliance on the figure presented for audit

Importance of related party transactions, Importance of Related Party Trans...

Importance of Related Party Transactions Whenever the existence of about transactions and parties among such parties are considered ordinary features of business, the auditor

Responsibilities of the auditor, Responsibilities of the Auditor The Au...

Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained

Existence - audit process, Existence - Audit Process In the case of ta...

Existence - Audit Process In the case of tangible assets existence is confirmed through the auditor visually, considering the asset examining and concerned its condition.  Thi

Advantages and disadvantages of internal audit?, Benefits of Internal Audit...

Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme

Value for money audits in the public sector, Problem 1: You have been a...

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls

Existence - plant and machinery, Existence - Plant and Machinery Howev...

Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile

Capital allowances vs. depreciation, Capital allowances vs. Depreciation ...

Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd