Bank and Government Audit
1. Bank Audit
A Bank Audit is an independent examination of a bank’s financial records, transactions, and internal controls to ensure compliance with banking regulations and financial reporting standards.
Types of Bank Audits
- Statutory Audit
- Internal Audit
- Concurrent Audit
- Revenue Audit
- Stock Audit
Applicability
- Statutory Audits are mandatory for all banks under central banking laws.
- Internal & Concurrent Audits are required for banks operating in high-risk environments.
- Forensic and Cybersecurity Audits are conducted in case of fraud or digital security risks.
2. Government Audit
A Government Audit is the independent evaluation of government accounts, spending, and policies to ensure accountability and transparency in public funds.
Types of Government Audits
- Financial Audit
- Compliance Audit
- Performance Audit
- Forensic Audit
- Environmental Audit
Applicability
- Conducted for all government bodies, including ministries, departments, and public sector enterprises (PSUs).
- Required at national, state, and local government levels.
- Public sector banks and utilities are also subject to government audits.