Account Assertion Audit procedure

The auditor should consider the feasibility of

checking for receipt of the related income as a
Money Market Rights and means of establishing ownership. And, should
Paper Obligation examine for the existence of sale and forward
repurchase agreements for evidence of
unrecorded liabilities and losses.
The auditor should consider whether there is a
need to assess the collectability of the deposit in
Balances with light of the credit-worthiness of the depository
Valuation
other banks bank. The procedures required in such an
assessment will be similar to those used in the
audit of loan valuation, discussed later.
The auditor should consider whether the stated
objectives at the time such securities are
purchased and subsequent trading activity in
Investments (long Presentation and
those securities provides support for their
term) Disclosure
classification as long-term investments or whether
they should more properly be classified as
“trading securities.”
Given the volume and value of deposit
transactions, the auditor should assess the
adequacy of the related system of internal control
General deposits Completeness and perform confirmation and analytical review
procedures on average balances and on interest
expense to assess the reasonableness of the
recorded deposit balances.
The auditor should be familiar with special
taxation taxes on income rules applicable to
banks in the jurisdiction in which the bank on
Provision for which he is reporting is located and also needs to
Measurement
taxes on income ensure that any auditors on whose work he is
relying in respect of the bank’s foreign operations
are similarly familiar with the rules in their
jurisdiction

Honor Pledge for Assignments

“I affirm that I shall not give or receive any unauthorized help on this assignment and that all
work shall be my own.”