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Bank Audit

Become a Bank Auditor. How to do Bank Audit? Learn Accounting, Bank Regulations & Laws, Auditing Principles, Auditing Practices and General Business.
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Course Duration: 20 Hours
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A Bank Audit is a formal process in which the services, systems, financial statements, and/or procedures of a bank, credit union, or other financial institution is reviewed and summarized in a report. Every financial service company must undergo audits regularly in order to comply with legal and jurisdictional regulations, laws, and industry standards.

Both internal and external audits are essential to the organization for effective risk mitigation, so it is crucial to ensure that they are done properly. The bank reconciliation process, in particular, helps to identify any financial gaps or discrepancies and should be performed internally at least once a month and once per year by an external auditor. Audits play an imperative role in the banks and the necessity of understanding the procedure has become vital presently. In the present time, banks deal with several products unlike just the basic functions of depositing and giving loans in the earlier time.

 

What do Bank Auditors do and What are the purposes of Bank Audit?

Bank audits are performed by a kind of accounting specialist called a bank auditor. A bank audit can be done as an internal audit, which is run by an employee of the financial institution, or it can be done as an external audit, which is run by an independent auditor under the direct guidance of a certified public accountant (CPA).

Bank audits serve many purposes. Above all else, the main goal of an audit is to make sure a financial institution is operating in line and above board with all industry and local regulations.

Here are a few common areas and metrics that a bank audit will evaluate within a financial institution:

a) Security and risk management, including operational, strategic, reputation, credit, compliance, and IT and cyber risk

b) Liquidity and monetary flow

c) Financial transactions, including bank wires and automated clearing house (ACH) networks

d) Financial and regulatory reports

e) Whether a financial institution is correctly following its own policies and/or operating in compliance with legal and best-practice standards

f) Whether there is any evidence of law violations, money laundering, fraud, and any other anomalies

 

Bank auditors will typically spend about three months investigating a bank's financial activities, risk management processes, systems, and procedures to make sure that all related information is complete, timely, and accurate. Once auditors have had the chance to test and evaluate their findings, they can compile a report or audit opinion that outlines any feedback or corrective steps that a bank needs to take in order to remain in compliance. If the audit was done externally, the results will be shared with stakeholders and creditors. The bank audits are important for ensuring the integrity of a financial institution and its practices. Undergoing audits and responding to the feedback generated by audits protects not only a financial institution's management, but also its shareholders, creditors, lenders, and clients. While bank audits can certainly be stressful experiences, they can be made more streamlined through the use of auditing software and related services.

 

Uplatz brings you this extensive course on Bank Audit. The Bank Audit course covers the fundamental concepts of bank audit, why is it necessary, the end-to-end process of conducting bank audit, checklist, income recognition, capital & liquidity requirements, legal framework, asset classification, reporting norms, how to report compliance and anomalies, and the like.

Course/Topic - Bank Audit - all lectures

  • Lecture 1 - How to conduct Bank Audit and How to become Bank Auditor

    • 38:59
  • Lecture 2 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:49:57
  • Lecture 3 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:39:32
  • Lecture 4 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:19:22
  • Lecture 5 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:15:49
  • Lecture 6 - How to conduct Bank Audit and How to become Bank Auditor

    • 36:55
  • Lecture 7 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:18:06
  • Lecture 8 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:33:12
  • Lecture 9 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:19:22
  • Lecture 10 - How to conduct Bank Audit and How to become Bank Auditor

    • 58:55
  • Lecture 11 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:00:59
  • Lecture 12 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:12:09
  • Lecture 13 - How to conduct Bank Audit and How to become Bank Auditor

    • 50:54
  • Lecture 14 - How to conduct Bank Audit and How to become Bank Auditor

    • 52:46
  • Lecture 15 - How to conduct Bank Audit and How to become Bank Auditor

    • 1:22:06
Course Objectives Back to Top

How to approach and conduct Bank Audit

How to improve the effectiveness of the audit system in banks

How to improve the quality and coverage of audit reports

Legal Framework for Bank Audit

Liquidity and monetary flow 

Financial transactions, including bank wires and automated clearing house (ACH) networks 

Financial and regulatory reporting 

Security and risk management, including operational, strategic, reputation, credit, compliance, and IT and cyber risk

If there is any evidence of law infractions, money laundering, fraud, or other irregularities, if a financial institution is appropriately implementing its own rules and/or functioning in line with legal and best-practice standards.

Course Syllabus Back to Top

a) Income Recognition, Provisioning Norms, and Asset classification

b) Practical issues in Audit

c) Audit: Plan, Scope, standards and program.

d) Compliance and Certifications

e) Special focus areas and Long form audit report.

f) Audit closure, reporting, and documentation

g) Audit checklists

h) Peer Review and ICAI guidelines

i) RBI norms

Certification Back to Top

This Bank Audit Based Training course is designed for exploring the structure, concepts of Bank Audit modules.

The Bank Audit Certification ensures you know planning, production and measurement techniques needed to stand out from the competition.

A Bank audit is a routine examination of the records and services of the organization to ensure whether they are in compliance with the laws and standards of the industry. Banks have to get many types of audits done such as statutory audit, revenue audit, concurrent audit.

The professionals and graduates want to excel in their chosen areas. It is also well suited for those who are already working and would like to take certification for further career progression.

To keep up-to-date with Bank Audit trends, it’s important to keep learning new skills. There are a lot of testing courses and Bank Audit certifications available online today. who are looking to get ahead with their personal brand in the constantly-evolving digital space.

Uplatz online training guarantees the participants to successfully go through the Bank Audit certification provided by Uplatz. Uplatz provides appropriate teaching and expertise training to equip the participants for implementing the learnt concepts in an organization.

Course Completion Certificate will be awarded by Uplatz upon successful completion of the Bank Audit online course.

  1.  
Career & Jobs Back to Top

The draws an average salary of $100,080 per year depending on the knowledge and hands-on experience. The  Bank Audit Associate job roles are in high demand and make a rewarding career.

A bank internal auditor is responsible for performing objective, independent, and reliable assessments of the effectiveness of a bank's risk management activities, its compliance with applicable regulations, and its internal control-environment.

Note that salaries are generally higher at large companies rather than small ones. Your salary will also differ based on the market you work in.

The following are the job titles:

  1. Bookkeeping clerk
  2. Accountant.
  3. Financial analyst.
  4. Business analyst.
  5. Certified public accountant (CPA).
  6. Controller
Interview Questions Back to Top

1) Explain what is internal audit?

An independent and objective evaluations or examination of the company’s financial and operational business activities is referred as internal audit.

2) Mention what is the difference between internal and external audit?

External audit’s main focus is on the accuracy of the financial statements and annual report, while the internal audit has a wide prospective and looks into anything that is important for the organization’s success.

3) Explain the steps before an audit processes?

·       Ensure the authority of the audit team is established- it will enhance the co-operation from the auditees

·       Decide which areas of the company will be audited and the frequency of the audits. Prepare as yearly audit schedule and distribute

·       Determine the purpose of the audit whether it complies with government regulations, quality standards, internal procedures and systems

·       Organize a meeting with the auditors to discuss plan, scope and purpose of the audit

·       Read the documents you are auditing against.

4) Mention what is meant by decommission liability?

De-commission liability is costs that a company expects to levied in the future when the plant is shut-down.

5) Explain what is required to perform an internal audit?

To perform an internal audit all of the financial records shall be given by the treasurer for the audit, including the check-book register, bank statement, deposit slip, cancelled checks, treasurer’s reports, expense vouchers or warrants with bill receipts, the annual treasurer’s report etc.

6) List out the check-list for the internal audit?

Check-list for the internal audit includes

·       Warrants / Vouchers

·       Bills / Receipts

·       Disbursements / checks

·       Bank Reconciliation

·       Income

·       Treasurer’s Reports

·       Taxes

7) Mention what all things have to be taken care for checks and vouchers in internal audit?

·       Internal audit Checks and Vouchers

·       Checks         

·       Make sure that there are no missing checks

·       Voided checks are saved

·       All checks recorded in check register

·       Vouchers      

·       Written for all checks, including voided checks

·       Amount on check matches amount on voucher/warrant

·       Adequate explanation for all expenditures

8) Explain how you should conduct an internal audit?

To conduct an internal audit you should

·       Decide what you want to achieve

·       Identify risks and review objectives

·       Plan and audit activities

·       Validate the facts and complete the work

·       Develop a deliverable or report that will drive action

·       Follow up

9) Explain what is the meaning of plan drawn up in internal audit?

Plan drawn up is the assessment of the risk that is mutually agreed between the internal audit, senior management and audit committee determines the frequency with which particular audits take place.

10) Why internal audit is necessary?

Internal Audit is necessary to

·       Enhance the size and complexity of businesses

·       Increase the compliance requirements

·       Focus on risk management and internal controls to manage them

·       Unconventional business models

·       Stringent norms implemented by regulators to protect investors

·       Intensive use of information technology

·       Increasingly competitive environment

Course Quiz Back to Top
Start Quiz
Q1. What are the payment options?
A1. We have multiple payment options: 1) Book your course on our webiste by clicking on Buy this course button on top right of this course page 2) Pay via Invoice using any credit or debit card 3) Pay to our UK or India bank account 4) If your HR or employer is making the payment, then we can send them an invoice to pay.

Q2. Will I get certificate?
A2. Yes, you will receive course completion certificate from Uplatz confirming that you have completed this course with Uplatz. Once you complete your learning please submit this for to request for your certificate https://training.uplatz.com/certificate-request.php

Q3. How long is the course access?
A3. All our video courses comes with lifetime access. Once you purchase a video course with Uplatz you have lifetime access to the course i.e. forever. You can access your course any time via our website and/or mobile app and learn at your own convenience.

Q4. Are the videos downloadable?
A4. Video courses cannot be downloaded, but you have lifetime access to any video course you purchase on our website. You will be able to play the videos on our our website and mobile app.

Q5. Do you take exam? Do I need to pass exam? How to book exam?
A5. We do not take exam as part of the our training programs whether it is video course or live online class. These courses are professional courses and are offered to upskill and move on in the career ladder. However if there is an associated exam to the subject you are learning with us then you need to contact the relevant examination authority for booking your exam.

Q6. Can I get study material with the course?
A6. The study material might or might not be available for this course. Please note that though we strive to provide you the best materials but we cannot guarantee the exact study material that is mentioned anywhere within the lecture videos. Please submit study material request using the form https://training.uplatz.com/study-material-request.php

Q7. What is your refund policy?
A7. Please refer to our Refund policy mentioned on our website, here is the link to Uplatz refund policy https://training.uplatz.com/refund-and-cancellation-policy.php

Q8. Do you provide any discounts?
A8. We run promotions and discounts from time to time, we suggest you to register on our website so you can receive our emails related to promotions and offers.

Q9. What are overview courses?
A9. Overview courses are 1-2 hours short to help you decide if you want to go for the full course on that particular subject. Uplatz overview courses are either free or minimally charged such as GBP 1 / USD 2 / EUR 2 / INR 100

Q10. What are individual courses?
A10. Individual courses are simply our video courses available on Uplatz website and app across more than 300 technologies. Each course varies in duration from 5 hours uptop 150 hours. Check all our courses here https://training.uplatz.com/online-it-courses.php?search=individual

Q11. What are bundle courses?
A11. Bundle courses offered by Uplatz are combo of 2 or more video courses. We have Bundle up the similar technologies together in Bundles so offer you better value in pricing and give you an enhaced learning experience. Check all Bundle courses here https://training.uplatz.com/online-it-courses.php?search=bundle

Q12. What are Career Path programs?
A12. Career Path programs are our comprehensive learning package of video course. These are combined in a way by keeping in mind the career you would like to aim after doing career path program. Career path programs ranges from 100 hours to 600 hours and covers wide variety of courses for you to become an expert on those technologies. Check all Career Path Programs here https://training.uplatz.com/online-it-courses.php?career_path_courses=done

Q13. What are Learning Path programs?
A13. Learning Path programs are dedicated courses designed by SAP professionals to start and enhance their career in an SAP domain. It covers from basic to advance level of all courses across each business function. These programs are available across SAP finance, SAP Logistics, SAP HR, SAP succcessfactors, SAP Technical, SAP Sales, SAP S/4HANA and many more Check all Learning path here https://training.uplatz.com/online-it-courses.php?learning_path_courses=done

Q14. What are Premium Career tracks?
A14. Premium Career tracks are programs consisting of video courses that lead to skills required by C-suite executives such as CEO, CTO, CFO, and so on. These programs will help you gain knowledge and acumen to become a senior management executive.

Q15. How unlimited subscription works?
A15. Uplatz offers 2 types of unlimited subscription, Monthly and Yearly. Our monthly subscription give you unlimited access to our more than 300 video courses with 6000 hours of learning content. The plan renews each month. Minimum committment is for 1 year, you can cancel anytime after 1 year of enrolment. Our yearly subscription gives you unlimited access to our more than 300 video courses with 6000 hours of learning content. The plan renews every year. Minimum committment is for 1 year, you can cancel the plan anytime after 1 year. Check our monthly and yearly subscription here https://training.uplatz.com/online-it-courses.php?search=subscription

Q16. Do you provide software access with video course?
A16. Software access can be purchased seperately at an additional cost. The cost varies from course to course but is generally in between GBP 20 to GBP 40 per month.

Q17. Does your course guarantee a job?
A17. Our course is designed to provide you with a solid foundation in the subject and equip you with valuable skills. While the course is a significant step toward your career goals, its important to note that the job market can vary, and some positions might require additional certifications or experience. Remember that the job landscape is constantly evolving. We encourage you to continue learning and stay updated on industry trends even after completing the course. Many successful professionals combine formal education with ongoing self-improvement to excel in their careers. We are here to support you in your journey!

Q18. Do you provide placement services?
A18. While our course is designed to provide you with a comprehensive understanding of the subject, we currently do not offer placement services as part of the course package. Our main focus is on delivering high-quality education and equipping you with essential skills in this field. However, we understand that finding job opportunities is a crucial aspect of your career journey. We recommend exploring various avenues to enhance your job search: a) Career Counseling: Seek guidance from career counselors who can provide personalized advice and help you tailor your job search strategy. b) Networking: Attend industry events, workshops, and conferences to build connections with professionals in your field. Networking can often lead to job referrals and valuable insights. c) Online Professional Network: Leverage platforms like LinkedIn, a reputable online professional network, to explore job opportunities that resonate with your skills and interests. d) Online Job Platforms: Investigate prominent online job platforms in your region and submit applications for suitable positions considering both your prior experience and the newly acquired knowledge. e.g in UK the major job platforms are Reed, Indeed, CV library, Total Jobs, Linkedin. While we may not offer placement services, we are here to support you in other ways. If you have any questions about the industry, job search strategies, or interview preparation, please dont hesitate to reach out. Remember that taking an active role in your job search process can lead to valuable experiences and opportunities.

Q19. How do I enrol in Uplatz video courses?
A19. To enroll, click on "Buy This Course," You will see this option at the top of the page. a) Choose your payment method. b) Stripe for any Credit or debit card from anywhere in the world. c) PayPal for payments via PayPal account. d) Choose PayUmoney if you are based in India. e) Start learning: After payment, your course will be added to your profile in the student dashboard under "Video Courses".

Q20. How do I access my course after payment?
A20. Once you have made the payment on our website, you can access your course by clicking on the "My Courses" option in the main menu or by navigating to your profile, then the student dashboard, and finally selecting "Video Courses".

Q21. Can I get help from a tutor if I have doubts while learning from a video course?
A21. Tutor support is not available for our video course. If you believe you require assistance from a tutor, we recommend considering our live class option. Please contact our team for the most up-to-date availability. The pricing for live classes typically begins at USD 999 and may vary.



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