SELF AUDIT

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thanumalayan

thanumalayan (Querist)
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22 March 2008 What is " SELF AUDIT "? I think it is most popular in Bank / Branches

R.V.RAO

R.V.RAO (Expert)
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22 March 2008 INSTEAD OF AN OUTSIDER AUDIT WHICH IS MANDATORY AND COVERS SPECIFIC AREAS AS PER GOVERNING STATUTES, ANY INDIVIDUAL OR ORGANISATION CAN INITIATE SELF AUDIT OR AUDIT OF SELF. NOTHING BUT - SWOT -ANALYSIS(STRENGHTS, WEAKNESS,OPPORTUNITIES,THREATS)
IN PARTICULAR REFERENCE TO BANKS ALSO THIS SELF AUDIT COVERS THE FOLLOWING MOST IMPORTANT AREAS.
the intricacies of New Basel 2 Capital Accord and the strategies for development of internal capabilities. ..
. detailed process for design of Credit Risk Rating Framework, Design of Internal Rating Model and Design of Risk Based Internal Audit ....
... the portfolio approach on credit risk management and various internalrating development issues.
internal control framework, modalities for evaluation of internal control and methodology for switch overto risk based internal audit system.
Importance of Control Self Assessments and Self Audit
audit risk and its components viz. control risk, inherent risk and detection risk.
Importance of internal audit plans, process documentation,maintenance of working papers was elaborated by Mr. Lonkar. .... the use ofGAAPs and GAAS in risk management and risk based internal audit.
management of Market Risk and Forex Risk and dealt in detail withvarious derivative products for risk mitigation.

importance of Information Technology in Risk Management.
RTGS implementation in banks
in-sight to the complexities of credit risk, market riskand operational risk management systems and strategies for setting up internal models on risk measurement.Techniques of Risk Profiling, Design of Branch Rating System, Compilation
Basel 2 and Risk Based Supervision implementationissues and formulation of recommendations towards a smooth transition process.
topics that concern bank supervisors and regulators of financial information,

an update on the latest developments in the drive towards implementation of international standard risk management practices.
“Transition Process to Risk Based Internal Audit” and “Road Map for Organisational Preparedness – Human Resources and IT”.
design of the risk templates for branch audit may be dealt within more details.
methodology for risk profiling of branches for internal audit.
source:www.www.mvlco.com
R.V.RAO

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