Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Auditing Expert

Problem:

Banks commonly undertake a wide range of activities which have many audit implications.  In addition to understanding the external factors that could indicate increased risk; an auditor needs to consider the nature of risks arising from the bank’s operations.

Required:

problem1. Illustrate out the objective of audit of a bank’s financial statements.

problem2. Illustrate out and discuss how the need to process high volumes of transactions accurately within a short time might contribute significantly to operational risk.

problem3. By the nature of their business, banks are ready targets for those engaged in money laundering activities by which the proceeds of crime are converted in funds which appear to have a legitimate source. Banks establish policies, procedures and controls to deter and to recognize and report money laundering activities. Illustrate out five such procedures which an auditor is required to evaluate for its effectiveness.

problem4. An auditor needs to consider some significant factors when developing an overall plan for the audit of the financial statements of a bank. Discuss the following three factors:

(i) The difficulty of Transactions undertaken

(ii) Involvement of Other Auditors

(iii) The Extent of use of Information Technology and Other Systems

problem5. In audit of a bank’s financial statements, auditor might perform different audit procedures. describe the following audit procedures. Your answer must include one instance of each in a banking environment.

(i) Inspection

(ii) Inquiry and Confirmation

(iii) Computation

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M98035

Have any Question? 


Related Questions in Auditing

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Write a 750- to 1050-word paper on fraud auditing and it

Write a 750- to 1,050-word paper on fraud auditing and IT auditing. Describe the different kinds of fraud andthe Fraud Triangle, an auditor's responsibility to identify and assess fraud. Describe the specific risks, bene ...

You are required to finish each of these questions each

You are required to finish each of these questions, each worth 10 marks, total 30 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel form ...

Assignment audit planning and controlit is common industry

Assignment: Audit Planning and Control It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct ...

Assignment 4 corners community nursery incthe organizations

Assignment: 4 Corners Community Nursery INC. The organization's mission is to act as a nursery school providing an enrichment program for pre-school children. Link to their website http://www.4ccn.org Link to IRS form 99 ...

Assignment full disclosure in financial reporting - verizon

Assignment: Full Disclosure in Financial Reporting - Verizon Communications According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully re ...

Accounting questionyour firm recently signed a letter of

Accounting Question: Your firm recently signed a letter of engagement to audit CitCo, the local city and county government. Over your morning cup of coffee you open the local newspaper and read the following: Police are ...

Assignment question 1impulse pty ltd impulse is an

Assignment Question ( 1) Impulse Pty Ltd (Impulse) is an entertainment system manufacturer that was established in 2005. Your audit firm King & Queen have been the auditor of Impulse since its formation. The audit report ...

Information security audit assignment -objectives - this

Information Security Audit Assignment - OBJECTIVES - This assignment is designed to assess students' ability to: Produce a concise detailed report about the importance of information security audit policy and its compone ...

Assignmentchoose a publicly traded company and research its

Assignment Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. securities and Exchange Commission Web site and locate a copy). These results have been a ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro