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Bachelor of Commerce
Banking & Insurance
Semester-
(2010-2011)
Submitted
In Partial Fulfillments of the requirements for
the awarded Degree of Bachelor of Commerce -
Banking & Insurance.
DARSHANA .D. SAWANT
Roll no - I.309
KHAR EDUCATIONAL SOCIETY’S
College of Commerce and Economics
S.V Road (Khar West) Mumbai- 400052.
AUDIT OF EXPENDITURE
IN BANKING SECTOR.
A financial audit, or more accurately, an audit of financial
statements, is the review of the financial statements of
a company or any other legal entity (including
governments), resulting in the publication of an
independent opinion on whether or not those financial
statements are relevant, accurate, complete, and fairly
presented. Financial audits are typically performed by
firms of practicing accountants due to the specialist
financial reporting knowledge they require. The
financial audit is one of many assurance or attestation
functions provided by accounting and auditing firms,
whereby the firm provides an independent opinion on
published information. Many organisations separately
employ or hire internal auditors, who do not attest to
financial reports but focus mainly on the internal
controls of the organization. External auditors may
choose to place limited reliance on the work of internal
auditors.
Purpose
Financial audits exist to add credibility to the implied
assertion by an organization's management that its
financial statements fairly represent the organization's
position and performance to the firm's stakeholders
(interested parties). The principal stakeholders of a
company are typically its shareholders, but other parties
such as tax authorities, banks, regulators, suppliers,
customers and employees may also have an interest in
ensuring that the financial statements are accurate.
The exact form and content of the "audit opinion" will vary
between countries, firms and audited organizations.
Key Requirements
Ineligible Payments
Expenditure
Internal Audit: