Internal control proceduresthe loan department in a bank is, Ask an Expert

Accounting

Internal Control Procedures

The loan department in a bank is subject to regulation. Internal auditors work for the bank to ensure that the loan department complies with requirements. The internal auditors must verify that each car loan file has a note signed by the maker, verification of insurance, and a title issued by the state that names the bank as co-owner.

Required

1. Explain why the bank and the regulatory agency are concerned with these documents.

2. Describe the internal control procedures that should be in place to ensure that these documents are obtained and safeguarded.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91625158

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