Technical Guide on Audit of Internal Finance Controls in Public Sector Banks
This technical guide provides insights into the audit of internal finance controls in public sector banks, covering topics such as joint auditors' responsibilities, common controls, centralized controls, business cycles, entity level controls, IT controls, reporting processes, and more. It offers detailed guidance on scoping, testing, segregation of duties, and audit reporting, with a focus on PSBs in the context of internal controls and financial reporting.
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Technical Guide on Audit of Internal Finance Controls in Case of Public Sector Banks CA SHRINIWAS Y. JOSHI
I N D E X 1. Introduction 2. Joint Auditors Responsibilities 3. Common Controls 4. Centralized Controls 5. Group Audit Instructions
I N D E X 6. Typical business cycles covered as part of audit of IFCoFR of a PSB 7. Scoping of branches for testing IFCoFR 8. Entity Level Controls 9. Segregation of duties
I N D E X 10. General Information Technology Control ( GITC ) and scoping of testing GITC 11. Testing Information Used in Control ( IUC ) 12. Financial Closing and Reporting Process (FCRP) 13.Using the work of Internal auditor 14. PSBs use of service organisations
I N D E X 15. Timeline for testing controls 16. Evaluation of misstatements aggregation of control deficiencies 17. Audit Report of IFCoFR 18. Other certifications and reports issued by the SCAs and SBAs 19. Year one (Year ended on March 31, 2021) considerations
