Internal Control on Banks

[thekeeper]

Hello to everyone!

I'm a newbie here and at the same time, a newbie at my work. I just want some pieces of advice from anyone who had some experience working in the Internal Control department of a bank or any company.

The bank that I'm working at has no previously Internal Auditor but because it was required by the government regulatory body, it created such bank position. There were audit plan/program/report annually furnished by the Compliance officer to the BODs (its just for compliance sake). So as for me who has no working experience on banks or other companies, I just copied it. The audit plan and audit program were well-established however, I have the dilemma HOW to start the audit? Is internal audit procedures the same with those audit procedures conducted by external auditors?

I will highly appreciate your response.
Thank you!

 

[kirby]

You said the Compliance officer created an audit plan and program and that you copied it. Does that mean that you and the Compliance Officer will perform the same audit steps?? If so that is a waste of time.

An internal auditor needs to determine if the system of internal control is effective and if not, to suggest corrective action. That way, when the external auditors test internal control, their results should be good.

If you really don't have a clue, it is high time for you to get started on this. In the US there are services that offer standard internal audit programs. But see what is offered in your country as they probably have different standards. And see if there is a bank auditor professional organization that you can join and those also sometimes offer training seminars. Do not be afraid to ask mgmt. for the money to get this training or resources. If they say no, then the failure is on them, not you.