Approaches of Bank Audit (Part-I) | Dr. Niranjan Shah | Rigorous Internal Control System
Summary
TLDRIn this educational video, Dr. Niranjan Shaha Tujjaram from Chhatuchan College, Bharamati, discusses the specialized nature of bank audit. He highlights the unique features in bank accounting and the various audit approaches needed to address the distinct regulations and rules under the Banking Regulation Act and the Banking Companies Act.
Takeaways
- 🎓 The speaker, Dr. Niranjan Shaha, is an educator discussing the topic of bank audit.
- 🏦 The previous video covered the introduction to bank audit and the factors that affect it.
- 📚 The current discussion is focused on the various approaches to conducting a bank audit.
- 📋 The script mentions that auditors must follow provisions and regulations from the Banking Regulation Act and the Banking Companies Act.
- 🔍 Bank audit is a specialized field that requires attention to unique accounting features of banks.
- 💼 The audit approaches are influenced by the distinctive characteristics of banking operations, such as the handling of monetary items.
- 💵 Special attention is given to the audit of cash and negotiable instruments due to their significance in banking.
- 🔄 The script implies that the audit process involves both storage and transfer considerations for these monetary items.
- 🛡️ There is an emphasis on the importance of internal controls within the bank to ensure proper audit procedures.
- 🤔 The mention of 'individual discretion' suggests that auditors may need to exercise judgment in their work.
- 🙏 The transcript concludes with a thank you, indicating the end of the educational segment.
Q & A
Who is the speaker in the video?
-The speaker in the video is Dr. Niranjan Shaha Tujjaram.
What is the main topic of the video?
-The main topic of the video is the approaches of bank audit.
What was discussed in the previous video by Dr. Niranjan Shaha Tujjaram?
-In the previous video, Dr. Niranjan Shaha Tujjaram discussed the introduction of bank audit and the features affecting bank audit.
What are the special features that make bank audit a specialized audit?
-Bank audit is specialized due to the unique accounting features of banks, which include the handling of monetary items such as cash and negotiable instruments.
What are the regulations that auditors need to follow while auditing a bank?
-Auditors need to follow provisions and regulations from the Banking Regulation Act and the Banking Companies Act while auditing a bank.
What are the implications of the various provisions and regulations for auditors?
-The provisions and regulations guide auditors on the standards and practices they must adhere to, ensuring the integrity and legality of the audit process.
What does the term 'audit approaches' refer to in the context of bank audit?
-Audit approaches refer to the various methods and strategies used by auditors to examine and verify the financial activities and records of a bank.
Why is it important for auditors to understand the special features of bank accounting?
-Understanding the special features of bank accounting is important for auditors to effectively assess the financial health and compliance of a bank, given the unique nature of banking operations.
What is the significance of the banking regulation act in the context of bank audit?
-The Banking Regulation Act provides the legal framework within which banks operate, and it is crucial for auditors to ensure that banks are compliant with its provisions during the audit process.
How does the script suggest auditors should approach the audit of monetary items and negotiable instruments?
-The script suggests that auditors should apply specific audit approaches to monetary items and negotiable instruments, considering their storage and transfer, which may involve individual discretion and internal controls.
What is the role of internal controls in the audit of a bank?
-Internal controls play a critical role in ensuring the accuracy and reliability of financial records, and auditors must assess these controls as part of the bank audit process.
Outlines
📚 Introduction to Bank Audit Approaches
In this paragraph, Dr. Niranjan Shaha Tujjaram, a faculty member at Bharamati College, introduces the topic of bank audit approaches. He mentions that in the previous video, they discussed the introduction of bank audit and the features affecting it. This session will focus on the various approaches to auditing banks. Dr. Shaha emphasizes that bank audit is a specialized field with unique accounting features, necessitating specific audit methods. He also refers to the regulations and rules under the Banking Regulation Act and the Banking Companies Act that auditors must adhere to while performing bank audits.
💼 Audit Approaches for Monetary Items
This paragraph delves into the audit approaches for monetary items, including cash and negotiable instruments. It highlights the importance of considering both the storage and transfer of these items, which are subject to foreign exchange regulations. The paragraph suggests that there are specific audit approaches tailored to these monetary items, acknowledging the complexity involved in auditing such financial assets.
🔒 Internal Audit and Discretionary Transfers
In this brief paragraph, the focus shifts to the role of internal audit and the management of discretionary transfers. It touches on the need for internal controls and the exercise of individual discretion in the handling of monetary items. The mention of 'thank you' at the end suggests a conclusion or a transition to another topic, possibly indicating that further details on these aspects will be discussed in subsequent content.
Mindmap
Keywords
💡Bank Audit
💡Features Affecting Bank Audit
💡Approaches of Bank Audit
💡Banking Regulation Act
💡Banking Companies Act
💡Auditor
💡Specialized Audit
💡Accounting of Bank
💡Monetary Items
💡Negotiable Instruments
💡Internal Controls
Highlights
Introduction to bank audit and its features discussed in the previous video.
Discussion on the various approaches of bank audit in the current video.
Special provisions and regulations from the Banking Regulation Act and Banking Companies Act that auditors must follow.
Bank audit is a specialized audit with unique features in bank accounting.
Existence of multiple audit approaches due to the special features in bank accounting.
Audit of monetary items including cash and negotiable instruments.
Relevance of foreign exchange to the audit of monetary items.
Importance of storage and transfer in the audit process.
Role of individual discretion in the audit of bank operations.
Emphasis on the internal audit process within banks.
The significance of the Banking Regulation Act in bank audits.
The impact of the Banking Companies Act on the auditing process.
The necessity for auditors to be aware of and adhere to banking regulations.
The social features of bank audits and their implications.
The specialized nature of bank audits compared to other types of audits.
The importance of understanding the unique accounting practices of banks for effective auditing.
The role of internal controls in ensuring the accuracy of bank audits.
The need for continuous update and adaptation of audit approaches in response to changing banking regulations.
The conclusion of the lecture with a thank you note to the students.
Transcripts
[Music]
hello students
myself doctor niranjan shaha tujjaram
chatuchan the college bharamati
in last video we have discussed about
the introduction of bank audit
and the features affecting bank audit
now we are going to discuss various
approaches
of bank audit
students we have already discussed
various features
enacted affecting banks audit and
in that feature we have studied there is
there are various provisions and there
are various regulations rules
of the banking regulation act and of the
banking companies act
to follow or should be followed by the
auditor
while auditing the bank in
this video we have discussed about the
approaches of bank audit
student the audit of the bank is
a specialized audit
it bears social features as there are
special features
in accounting of bank so there are so
many audit approaches
is
as there are special features in
accounting of the banks
so there are so many audit approaches
to
of monetary items including cash
and negotiable instruments whose
foreign
this applies to both the storage and
transfer
for individual discretion
internal
thank you
Voir Plus de Vidéos Connexes
The Sarbanes Oxley Act of 2002
🤓Objectives , Scope & Features | The Banking Regulation Act , 1949 | CLAT | Judicial Services | Pre
Why Warren Buffett Sold Bank Stocks EXCEPT Bank of America? | Berkshire 2023
Banking Regulation Act 1949 | Quick Revision in 13 Minutes | CMA Final Law
পাচারের ৩০ হাজার কোটি টাকা ফেরানো হয়েছে: গভর্নর | Bangladesh Bank Governor | Money Laundering
Kas & Setara Kas | MOOC | Materi Akuntansi Perpajakan Seri 2
5.0 / 5 (0 votes)