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Audit - 3. page

Computation of CRR

Computation of CRR

Computation of CRR The RBI introduced the system of lag of one fortnight in maintenance of stipulated CRR by banks w.e.f. November 06, 1999 to improve cash management by banks. […]

Compliance with CRR and SLR requirements

Compliance with CRR and SLR requirements

Compliance with CRR and SLR requirements Due to the very nature of their operations, banks need to maintain sufficient liquid assets in the normal course of their business. The failure […]

Valuation of FX contracts and Derivatives

Valuation of FX contracts and Derivatives

Valuation of FX contracts and Derivatives The audit procedures for valuation of FX contracts and Derivatives include:  For spot and tom contracts checking whether correct FEDAI rates are used […]

Information Technology (‘IT’) Controls

Information Technology (‘IT’) Controls

Information Technology (‘IT’) Controls The audit considerations for this aspect include:  Obtain IT related information from the bank for treasury operations and review, as appropriate, minutes of any committees […]

Risk Management

Risk Management

Risk Management The audit considerations for this aspect include:  Checking whether the bank has adequate risk management process, sound risk measurement procedures, sound information systems, continuous risk monitoring and […]

Evaluation of Internal Audit/Concurrent Audit

Evaluation of Internal Audit/Concurrent Audit

Evaluation of Internal Audit/Concurrent Audit The audit considerations for this aspect include:  Examining whether treasury transactions are separately subjected to concurrent audit by internal auditors / external auditors and […]

NOSTRO / VOSTRO Reconciliation

NOSTRO / VOSTRO Reconciliation

NOSTRO / VOSTRO Reconciliation In respect of old unreconciled entries in NOSTRO Accounts, the RBI vide its Circular DBOD No.BP.BC.67/21.04.048/99 dated July 1, 1999 has allowed, as a one time […]

NOSTRO and VOSTRO Accounts

NOSTRO and VOSTRO Accounts

NOSTRO and VOSTRO Accounts A fundamental feature of foreign exchange transactions is that the useful possession of any currency can be had only in the country in which it is […]

Assessment of controls

Assessment of controls

Assessment of controls The audit procedure may include verifying and assessing controls including:  Existence of comprehensive treasury policy and operating procedures manual (SOP).  Review of the policies and […]