Compliance Audit
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Advanced Bank Management — CAIIB.
One-liners from this chapter
Free sample — 8 of 86 rapid-fire Q&A cards.
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.
Which RBI schedule must contain Summary of Significant Accounting Policies?
Schedule 17 of annual financial statements.
Which RBI schedule must contain Notes to Accounts?
Schedule 18 of annual financial statements.
State Principle 2 of RBI's 16 principles on internal audit function.
Internal audit function must be independent of audited activities.
Who must chair the Audit Committee of the Board?
An independent person who is NOT the Chair of the Board.
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