Financial Institutions and Banks - Audit Situations

Financial Institutions

Because of the recent collapse of many financial institutions, this is still a heavily regulated region.  The building societies and financial institutions and banks are still subject to close supervision through the Central Bank of US and insurance companies are subject to strict control through the Commissioner of Insurance.

Banks

The Authoritative documents are as:

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