Internal Audit Department

Internal Audit Work Program

WP Ref.

Auditable unit: Approved by

revaluation of FX.
Assignment : Date:

WP
Audit Step Preparer Reviewer
ref.
1. Is revaluation of FX position on mark to market basis
done at end of every day?

2. Are rates used for revaluation by back office sourced

from Central Bank’s relevant page(s) on Reuters’, in case rates
are provided by Central Bank for the purpose? If not closing
rates should be obtained on a consistent basis. (This ensures
independence and consistency of sourcing rates- rates on a
consistent basis should be obtained by back office independent
of front office).

3. Are revaluation rates adjusted for remaining days to

maturity on forward positions?

4. Are all assets and liability accounts, off and on balance

sheet (e.g. nostro balances, forward sale/purchase taken into
account for revaluation?

5. Are correct forward rates used and workings for

revaluation accurate and complete?

6. Are revaluation workings reviewed by head of treasury

operations for correctness and completeness before
authorization/sending to Fincon, and retained with vouchers/ in a
convenient manner for subsequent review?