Question

write a full article on the topic: An evaluation of the effectiveness of internal Audit in the banking institution-Case Study UBA Bank using references from 2017-2019

Answer 1

internal Audit in the banking institution

Proper accounting records are maintained;
● Applicable accounting standards are followed;
● Suitable accounting policies are adopted and consistently applied;
● Judgments and estimates made are reasonable and prudent;
● The going concern basis is used, unless it is inappropriate to presume that the Bank will continue in business; and
● Internal control procedures are instituted which as far as reasonably possible, safeguard the assets of the Bank and prevent and
detect fraud and other irregularities.

Establish adequate risk management and internal control systems to support the business and the risk appetite; and
● Establish proper feedback mechanism as input into the strategic risk management process.

Bank’s structure
and areas of operation, financial reporting, ensuring
there is an effective system of internal control and risk
management and appointments to the Board. The Board
has the authority to delegate matters to Directors, Board
Committees and the Executive Management Committee.

Internal Controls
The Group has consistently improved its internal
control system to ensure effective management of
risks. The Directors review the effectiveness of the
system of internal control through regular reports and
reviews at Board and Risk Management Committee
meetings.

Board Audit Committee was set up to further strengthen
internal controls in the Group. It assists the Board of Directors
in fulfilling its audit responsibilities by ensuring that effective
systems of Financial and Internal controls are in place within
the Group.
Meetings are held at least once a quarter, with the Chief Audit
Executive of the Bank in attendance.