Inspection and Audit Systems in Primary (Urban) Co-operative Banks
This Master Circular outlines the inspection and audit systems for Primary (Urban) Co-operative Banks, covering various aspects of internal audit, concurrent audit, and other areas of importance.
Internal Audit Machinery: The circular emphasizes the importance of an effective internal audit machinery, including the periodicity and coverage of internal audits, compliance with prudential norms, and supplementary inspections/audits.
Concurrent Audit System: The concurrent audit system is designed to ensure timely detection and prevention of fraudulent activities, with a focus on high-risk areas and transactions.
Other Areas of Importance: The circular also covers other critical areas, including investment portfolio audit, audit for electronic data processing systems, information system (IS) audit, and the role of the Audit Committee of the Board (Apex Audit Committee).
Scope and Coverage: The circular outlines the scope and coverage of various audit activities, including the types of activities to be audited and the branches/businesses to be covered.
The circular aims to ensure that Primary (Urban) Co-operative Banks maintain a robust inspection and audit system to prevent fraud, ensure compliance with regulations, and promote a culture of transparency and accountability.
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Download: Master Circular on Inspection & Audit Systems in Primary (Urban) Co- operative Banks