Bank audit is the procedure of examining the services and procedures adopted by banks and other financial institutions. It is a routine procedure that all financial services entities must undergo in order to ensure that they are in compliance with industry standards, RBI norms and other laws of the land.
Specialist accountants, known as bank auditors, have the responsibility of reviewing banks and financial entities. One of their primary duties is to focus on the accuracy, completeness and legitimacy of the bank’s financial activities.
Following are the different aspects of compliance in Bank audit:
- Statutory Audit
- Concurrent Audit
- Internal Audit
- Stock Audit
- Revenue Audit
- RBI Audit
- Information System Audit (EDP Audit)
- Special Purpose Audit