IFAC issues bank audit ED and cost accounting study.

Position:International Federation of Accountants; exposure draft
 
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The International Federation of Accountants is seeking responses to a proposed international auditing statement that will provide practical assistance to auditors in applying international standards when they audit commercial banks.

Special considerations arise in bank audits because of the nature of the risks associated with bank transactions, the banks' dependence on computerized systems and the effects of regulations in the varied jurisdictions in which they operate. The exposure draft (ED), The Audit of International Commercial Banks, emphasizes matters that are peculiar to, or of particular importance in, an audit and includes examples of typical internal control and substantive audit procedures for a bank's lending and treasury operations.

The proposed guidance also...

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