Bank Audit - 65. page

Assessment of Engagement Risk : The assessment of engagement risk is a critical part of the audit process and should be done prior to the acceptance of an audit engagement […]

Planning : SA 300, “Planning an Audit of Financial Statements” requires that the auditor shall undertake the following activities prior to starting an initial audit: (a) Performing procedures required by […]

Establish the Engagement Team : The selection of the engagement team is a key activity in the development and execution of an effective and efficient audit plan. The assignment of […]

Understanding the Bank and its Environment It is the auditor’s responsibility to identify and assess risk of material misstatement in financial statements and assertion levels, through understanding, the entity, its […]

Review of Closing Instructions and Communication with Branch Auditors : It is a common practice that all public sector banks issue closing instructions to branches, based on which branches prepare […]

Internal Assignments in Banks by Statutory Auditors : 1.05 The RBI, vide its circular no. Ref.DBS.ARS.No. BC. 02/ 08.91.001/ 2008-09 dated December 31, 2008 on “Internal assignments in banks by […]

Communication with Previous Auditor : As per Clause 8 of the Part I of the first schedule to the Chartered Accountants Act, 1949, a chartered accountant in practice cannot accept […]

Terms of Audit Engagements : Standard on Auditing (SA) 210, “Agreeing the Terms of Audit Engagements” requires that for each period to be audited, the auditor should agree on the […]

Initial Engagements : Standard on Auditing (SA) 510, “Initial Audit Engagements-Opening Balances”, deals with the auditor’s responsibility relating to opening balances when conducting initial audit engagement. Opening balances include financial […]

Initial Considerations : This Chapter discusses the matters to be considered by a proposed central auditor/branch auditor upon receiving intimation of appointment. It also deals with aspects of planning and […]