Explain the rights, powers and duties of an auditor of Banks.
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1. Explain the rights, powers and duties of an auditor of Banks.
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- What is the role of the Core Principles of Effective Bank Supervision as it relates to operational risks, in the effective management of financial institutions?In the corporate world what is the common risk of an auditor encountered in terms of accounts receivable?What committee deals with the judiciary functions of banks?
- Explain the steps of bank reconciliation in Accounting.Who are the target customers of financial intermediaries like banks, investment banks, financial advisors, pension funds, and audits?Which financial item of a bank is audited when the auditor pays particular attention toestablishing the ownership of instruments held in bearer form and whether there are anyencumbrances on the title to the instruments? A. Due from other banksB. Securities held for trading purposesC. Investments in Subsidiaries and Associated EntitiesD. Loans
- Recall your study of selected financial audit reports of banks.a. Give two risks associated with banking activities and discuss their audit significance. b. Identify 2 unique accounts or accounting practices particular to banks. Describe briefly.Explain 5 audit procedures in obtaining evidence to test the management assertion for bank.Explain how the components of the balance sheet of a commercial Bank can be used for decision making.
- Which field typically appears in the Bank Register but not usually in reports?Choose the function and service of a bank in which Bank Purchases and sells securities, shares and debentures on behalf of their customers. a. Miscellaneous Functions of the banks b. Discounting of Bills of Exchange c. Investment of Funds d. Agency Functions29 From the following alternatives, choose the internal sources of audit evidence. a. Confirmation from Banker regarding the bank balance as per Bank Book b. Information from the storekeeper regarding closing inventory c. Confirmation from Debtors regarding the amount receivables from them. d. Confirmation from Creditors regarding the amount payable to them.
