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Bank Audit & Inspection
What are the two core objectives of bank audit?
Confirm true and fair view of P&L and Balance Sheet; verify compliance with regulatory provisions.
Define Risk-Based Internal Audit (RBIA).
Internal audit evaluating both transaction accuracy and adequacy of risk-management procedures and controls.
When was RBIA introduced in Scheduled Commercial Banks by RBI?
27 December 2002 via RBI circular.
Name four pillars of RBIA framework.
Board-approved policy; functional independence; effective communication channels; adequate audit resources.
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