What is bank audit? Internal audit?

Question

Accepted Answer

Bank audit is an audit of a bank's financial statements and operations. Internal audit is an independent review of a company's internal controls.

Bank audit involves examining a bank's financial statements, transactions, and operations to ensure compliance with regulations and identify any potential risks.
Internal audit is conducted by a company's own internal auditors to evaluate the effectiveness of internal controls and identify areas for improvement.
Bank audit is typically conducted by external auditors who are independent of the bank being audited.
Internal audit is an ongoing process that helps companies identify and mitigate risks before they become major issues.
Examples of areas covered in bank audit include loan portfolios, investment portfolios, and compliance with anti-money laundering regulations.
Examples of areas covered in internal audit include financial reporting, IT systems, and operational processes.

Popular interview questions of CA Article Trainee