📝 One-liners · 86 cards
Compliance Audit
What is the primary purpose of Compliance Audit in banks?
Independent assurance that banks follow all applicable laws, RBI directions, internal policies and disclosure norms.
Name three key tools Compliance Audit uses to strengthen bank confidence.
Risk-Based Internal Audit (RBIA), Audit Committee of Board (ACB), Head of Internal Audit (HIA).
Which Act prescribes the form of accounts and RBI directions for banks?
Banking Regulation Act, 1949 (Sections 29, 35A, 56).
What does RBIA focus on instead of checking transactions one-by-one?
Management's processes to identify, assess, respond to and monitor risks.
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