You have recently joined a publicly traded financial institution - People’s Bank - as a junior accountant. During a regular Monday morning meeting the Chief Accountant announced that the Independent Registered Public Accounting Firm Auditors-Are-Us will be coming to perform a compliance audit. One of your colleagues whispered, “But they were here last month.”

PROVIDE TO YOUR COLLEAGUE A DETAILED EXPLANATION OF THE VARIOUS TYPES OF AUDITS THE BANK IS SUBJECT TO.

Answer rating: 100% (QA)

DEFINITION OF BANK AUDIT Bank audit is a procedure performed by anauditorappointed by RBI and ICAI to verify the financial statements of the banking institutions and to verify whether the banking conc... View the full answer