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

Banks under companies act, Banks under Companies Act Banks are incorpor...

Banks under Companies Act Banks are incorporated under the Companies Act like any other business but are granted special privileges under the same Companies Act and subjected t

Auditing, For each ethical threat explain how it might be avoided?

For each ethical threat explain how it might be avoided?

Challenges facing auditing and assurance in kenya, challenges facing sasini...

challenges facing sasini company"s audited statements

Auditor, auditor is a watch dog not a blood hound

auditor is a watch dog not a blood hound

General verification procedures - audit process, General Verification Proce...

General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

Advantages and disadvantages of a continuous audit, Advantages and Disadvan...

Advantages and Disadvantages of a Continuous Audit Advantages: The regular or continual attendance of the auditor might act as a deterrent to scam; Weaknesses in the

Audit of inventories, Examine consignment agreement s and contracts

Examine consignment agreement s and contracts

Assinment, what is the nature and scope of forensic auditing?

what is the nature and scope of forensic auditing?

Accounting principles - intangible assets, Accounting Principles - Intangib...

Accounting Principles - Intangible Assets IFRS 3 prescribes the financial reporting through an entity whenever it undertakes a business combination. A business combination is

Valuation - auditing process, Valuation - Auditing Process IAS 16 requ...

Valuation - Auditing Process IAS 16 requires that all assets for use through the business have been valued on the basis of depreciated historic costs along with one exception.

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