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> PREPARE A CHECKLIST FOR STATUTARY BANK BRANCH AUDIT
PREPARE A CHECKLIST FOR STATUTARY BANK BRANCH AUDIT
I. PRE-AUDIT PLANNING
Define the audit scope and objectives.
Review previous audit reports and management letters.
Identify key risk areas and control weaknesses.
Prepare an audit plan with timelines and resources.
Schedule preliminary meetings with branch management.
II. DOCUMENTATION REVIEW
Collect and review financial statements and reports.
Obtain the branch’s policies and procedures manuals.
Review regulatory compliance documents.
Analyze the internal control framework.
Gather documentation of all significant transactions.
III. PHYSICAL VERIFICATION
Conduct cash verification and reconciliation.
Inspect fixed assets and inventory records.
Verify the existence of securities and investments.
Check for compliance with safety and security protocols.
Review the branch’s IT systems and data integrity.
IV. COMPLIANCE TESTING
Test adherence to banking regulations and guidelines.
Verify compliance with anti-money laundering (AML) regulations.
Assess adherence to KYC (Know Your Customer) norms.
Review loan documentation for compliance with policies.
Test pricing and interest rate compliance.
V. AUDIT FIELDWORK
Conduct interviews with branch staff and management.
Perform substantive testing of transactions and balances.
Analyze loan portfolios for credit risk and provisioning.
Review customer complaints and resolution processes.
Document all findings and observations.
VI. REPORTING
Prepare draft audit report with findings and recommendations.
Discuss draft report with branch management for feedback.
Finalize the audit report with management responses.
Submit the report to the appropriate authorities.
Schedule a follow-up meeting to discuss action plans.
VII. POST-AUDIT FOLLOW-UP
Monitor implementation of audit recommendations.
Conduct follow-up reviews as necessary.
Update audit documentation and working papers.
Review changes in regulations and their impact on the branch.
Plan for the next audit cycle based on findings.
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