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Co-ordination with Bank Management

Co-ordination with Bank Management :

A proper and smooth co-ordination between the auditor and the bank management is essential for an effective audit and timely completion of the assignment. In the past, many a times, the audit work has got delayed due to non-availability of books, information, records, etc. To minimise the possibility of such an occurrence, it is advisable that after accepting the appointment, the SCA should send a formal communication to the bank management specifying the books, records, analyses and other information that the auditor would require in the course of his audit. Such a communication would enable the bank management to keep the requisite documents, information, etc., ready well in advance. Further it is also advisable to complete verification of certain non financial areas (like documentation, verification of sanction and post sanction terms, review, monitoring and supervision etc.) before the year end so that the pressure of completion of audit post year end is minimal.

With the introduction of CBS, the auditor can also request for the data dump in a soft copy (depending upon the confidentiality compliances) well in advance and can complete his analysis, testing, verification and sampling sitting in the comfort of his own office without personal visits to the concerned department of the bank.

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