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  • 7/30/2019 Internal & External Audit

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    Internal & External Audit

    Prepared by : Niraj M Pandya

    ID No : 11PGDM004

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    OBJECTIVE

    To explain various types of internal & external

    surveillance that the Treasuries are subjected

    to during their functioning.

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    Internal Checks/Control

    As a measure of internal check and control the

    banks treasury is divided into front office,

    back office, and middle office with specific

    and exclusive functions which ensure checks

    and balances.

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    Concurrent Audit

    The treasury function is also subject to

    concurrent audit. There is a mandatory system

    of concurrent audit by external auditors of all

    treasuries.

    Auditors with repute and expertise in treasury

    functioning are appointed by the bank to

    conduct concurrent audits of the treasuries.

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    External Checks/Audits

    The nature of the concurrent and external

    audits is changing now, and becoming more of

    risk based audits transaction based

    inspections. The auditors identify the risks in

    various situation of treasury, and also grade

    the risk as low, medium, and high and also

    quantify the impact on the unit.

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    Inspection By RBI

    Another important type of external audit is

    the inspection of treasury by RBI as part of AFI

    (Annual Financial Inspection) of the bank at

    yearly rests.

    This inspection will be a very elaborate and

    detailed one, covering all important aspect of

    treasury.

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    Conti

    The inspector will look into various policies

    formulated by the treasuries to determine

    whether they conform to the regulatory

    guidelines.

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    Statutory Audit

    The statutory auditors are appointed by RBI to

    conduct the audit of the bank every year.

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    Off site surveillance

    Board Review

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    Thank-You


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