Audit of Bank Account Service
Even if you and your bank record everything correctly, your ledge and the bank statement may not match. Deposists and checks don’t always clear before your statement goes out.Reconciling the bank statement can correct for that, but reconciliation can go wrong too. The next level of correction is to audit the bank account.
To audit a bank account, we gather the bank statement, your accounting ledge and the reconcilation statement for the period you want to review. If the vbank statement and the ledge don’t agree, the reconcilation document fix the discrepancy.
Importance of Bank Audit
AÂ bank audit, whether it is done internally or externally, It is an incredibly important procedure to implement and manage for all financial institutions. It can help you identify and find a solution for any risks and ensure that you are in compliance with the laws and regulations of the industry to ultimately protect the consumer.
The Purpose of a Bank Audit
Here are common areas that a bank audit will evaluate within a financial institution:
- Security and risk management, including operational, strategic, reputation, credit, compliance, and IT and cyber risk
- Financial and regulatory reports
- Whether there is any evidence of law violations, money laundering, fraud, and any other anomalies
- Liquidity and monetary flow
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