Financial Institutions (Banks) Auditing

Bank is a special economical subject, which has rather complicated structure and characteristics. That is why bank auditing by itself is a laborious procedure, which consists of a great number of stages demands large experience and high skills from auditors. This kind of auditing must take into consideration all the nuances of financially-economical activities of a credit institution. In the first turn auditors must conduct checking in order to corresponding the bank activities to the requirements, established by the National Bank of the Republic of Moldova (NBM).

The aims of bank auditing

On the conducting auditing of bank the complex of the following measures is realized:

Analysis and appreciation of regulations fund structure.

Determining of balance liquidness.

Appreciation of risk-managing system (risk-management).

Investigation of compulsory reserves.

The control of cash and operative discipline.

Checking of book-keeping reporting reliability.

Professional auditors not only establish the results of checking in auditing conclusion, but give qualified recommendations, directed to operative elimination of revealed breaches.

Bank auditing implies not only the checking of juridical accounts official registration, but and control over the operations on these accounts. Undoubtedly, most of the banks strive to minimization of risk mistakes using different instruments of control. Besides, perfect exactness is the aim, which is rather difficult for achieving. Professional auditing services are not only the way of internal business process optimization, but the opportunity for appreciation of the activities by clear sight from the third side – auditors. Auditing checking is also directed to analysis and appreciation the correctness of accountability. It is necessary to mark that bank operations are reflected on the balance and the results of checking from the side of external control inspections depend on the correctness of this reflection. If the system of accountability goes the wrong way, it threatens with fine sanctions. Bank auditing allows not only to reveal the deficiencies in book-keeping calculation, but to elaborate the complex of effective measures on their elimination.

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