Recognize the keyfeatures of the banking system and thehistorical context ofthe implementationof these features.

Q: Explain how electronic funds transfers can result in better internal control?

A: Internal control refers to the process of ensuring the organization’s objectives/goals in achieving…

Q: The advantages of electronic banking facilities include

A: Introduction: The electronic banking also referred by the terms e-banking or virtual banking…

Q: Explain 5 audit procedures in obtaining evidence to test the management assertion for bank.

A: The company should audit its book of accounts before filing the financial statements. The audit is…

Q: How can banks safeguard their information security?

A: Protecting information and information systems from illegal access, usage, disclosure, interruption,…

Q: Define what is meant by internal control and describe some key elements of an internal control…

A: Internal Control: Internal control can be defined as a process to ensure achievement of the…

Q: Determine what are some of the risk assessment procedures to be made in order for the auditor to…

A: Auditing is the process of supervision made by the external person or internal employee in the…

Q: prospective banks as a prerequisite to extending a loan to the client. The auditor know

A: 1.The present fact is touching on the responsibilities that auditor should take care while giving…

Q: Identify the various types of risks relevant to banking services and discuss the different…

A: Banking services are the financial services that are offered by financial institutions such as banks…

Q: Why is it needed to have special audit consideration in the audit of banks?

A: Special considerations in audits are needed to check for any irregularities in the practices of the…

Q: Explain the rights, powers and duties of an auditor of Banks.

A: The inspection and inspection of any organization's, entity's, or company's books of accounts is…

Q: What is a cutoff bank statement? How do auditors use it?

A: Cutoff Bank Statement: A complete bank statement that includes list of all paid checks and deposit…

Q: What is the role of the Core Principles of Effective Bank Supervision as it relates to operational…

A: Core Principles for Effective Banking Supervision that Supervisors across the globe may consider…

Q: Which of the following assets require the strongest of internal controls? O credit cards O computer…

A: Internal controls are policies and procedures implemented by an organization to attain operational…

Q: Why is it important to prepare a bank reconciliation

A: Bank reconciliation is the statement prepared by the entities to check if there are any variations…

Q: Critically discuss the effect of deposit insurance on bank stability.

A: The deposit insurance is an insurance product that is offered to reduce or eliminate the risk of…

Q: Elaborate the risk management strategies to mitigate such potential banking risks.

A: Banking risks pose a major threat to any country's economy. Banking system is the most credible…

Q: which audit assertions the audit procedure of cash count and bank confirmation requests will meet?

A: The financial statements prepared by the management may contain misstatements, and any other…

Q: What special problem do off-balance-sheet activities present to bank regulators, and what have they…

A: Off- Balance sheet activities or items includes the resources and obligations which are not recorded…

Q: Define bank reconciliation.

A: Bank reconciliation are done to determine the actual cash balance available both on hand and bank at…

Q: what are the causes and concern of shadow bank. please answer in detail

A: Shadow bank is also referred to as non-bank financial intermediation which performs bank like…

Q: Discuss the audit considerations arising from a bank’s extensive dependence on technology-based…

A: Audit consideration is the considerations which have to be done by the auditor on the financial…

Q: What purpose do multilevel security controls serve in an organisation with combined purchases and…

A: Cash Disbursement System: The cash disbursement system carries out the responsibility of processing…

Q: How is responsible for preparing the bank reconciliation and what is the pur Pose of it:

A: Bank Reconciliation Statement - A statement showing the business activity of the company to…

Q: Explain operational risks faced by banks operating in the financial sector, and discuss how a risk…

A: Operation risk is a common risk for any process-oriented business. The Basel Committee explains…

Q: Define the Prudential regulation of corporate/commercial Banking for CDD and anti-money laundering…

A: There are a lot of illegal activities going on within financial sector. These activities are…

Q: What are some common controls used with a bank account?

A: Internal controls are implemented with the objective to ensure the reliability of financial…

Q: dering

A: The process of laundering money in most cases involves three steps: placement, layering, and…

Q: Discuss the main reasons for regulating the banking system.

A: Bank regulation is a form of government law that subjects banks to requirements, regulations,…

Q: Explain briefly what are the different types of operational risks affecting the banking…

A: Operational Risk Management (ORM) Concept of Operational Risk Management (ORM) which was delivered…

Q: Please help me do the Risk Severity Matrix for a bank as well as Risk Management Strategy.

A: Answer -   There are numerous factors that can impact the financial stability of a bank. The…

Q: Identify and explain the procedures that are important to the examination of bank’s accounts.

A: The banking industry is the pivot of any economy and its financial system. Banks are one of the…

Q: check and who are the parties involved in the issuance of a check

A: Check is a negotiable instrument usually used in transactions involving bank.

Q: Confidentiality and privacy

A: Confidentiality means protecting secrecy. Banks have a duty to protect the confidentiality of their…

Q: a bank's most important asset is its deposits. true or false?

A: Bank is financial intermediary when helps as a intermediary for a borrower and lender.

Q: Who benefits from cash discounts, and how can an auditor verify that they are being given in line…

A: This question explains about the cash discounts, and an auditor verifying that they are being given…

Q: Bank soundness is the ability of a bank to carry out normal banking operations and is able to…

A: Financial soundness of the banks or simple terms financial stability is the situation when the bank…

Q: Bank reconciliation

A: Bank reconciliation statement is a statement that depositors prepare to find , explain and…

Q: The government enforces banking rules and regulations through an elaborate process called…

A:

Q: Where in the cash receipts process does supervision play an important role?

A:

Q: Provide a detailed analysis of the tactics for improving each quality attribute in the context of…

A: The term quality in the banking system means to provide good services to customers and the users of…