Position Reconciliation:
The audit procedures include:
Checking whether daily position reconciliations are performed between front office deal positions and back office deal positions by the treasury back
office and position differences if any are appropriately enquired into.
Checking whether the Bank maintains customer wise, currency wise and deal wise positions on a daily basis in-order to monitor customer limit breaches and sectoral limit breaches.
Checking whether the inter branch reconciliations between the Treasury Branch and the Authorised Branches are carried out on a periodic basis and there are no old and long outstanding items uncleared.