Statutory audit of banks


18 July 2015  

Our firm was the stautory Branch Auditor for one of the State Bank Group Banks - State Bank of  -------  head quartered at -------- , ------state  .  This was our first Branch Audit  assignment  in the state bank group.


Rather than deliberating on intricacies , would like  our esteemed professional colllegues to discuss ,  deliberate and deal with the  following observations


1)  Monetary figures forming part of  the financial Information  were  clumsy  devoid of comma style  making it difficult and time consuming for the auditors to apprehend and work upon


2)  Balance sheet and the Profit / loss statement were too detailed without  the use of appropriate supporting schedules  making   it difficult for the Auditor to comprehend the over all content /information 

I understand  from my collegues   that State Banks as a whole follow this practice .

Banks are the back  born of our  economy

Unable to under stand whether these have the  tacit approval of  our  professsion.


Pl  deliberate on this   -  spare  some time  to air your views