Bank AuditBecome a Bank Auditor. How to do Bank Audit? Learn Accounting, Bank Regulations & Laws, Auditing Principles, Auditing Practices and General Business.
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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
Lecture 2 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 3 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 4 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 5 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 6 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 7 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 8 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 9 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 10 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 11 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 12 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 13 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 14 - How to conduct Bank Audit and How to become Bank Auditor
Lecture 15 - How to conduct Bank Audit and How to become Bank Auditor
• 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.
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
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.
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:
- Bookkeeping clerk
- Financial analyst.
- Business analyst.
- Certified public accountant (CPA).
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
· Treasurer’s Reports
7) Mention what all things have to be taken care for checks and vouchers in internal audit?
· Internal audit Checks and Vouchers
· Make sure that there are no missing checks
· Voided checks are saved
· All checks recorded in check register
· 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