The Audit of International Commercial Banks

Publication Date: 2000
Published by: IFAC International Federation of Accountants
Document Type: Paper

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This paper provides practical assistance to auditors and promotes good practice in applying those standards to the audit of banks

This paper is highlights the work of International Auditing Practices Committee (IAPC) of the International Federation of Accountants (IFAC). It issues standards (ISAs) on:

• Commonly accepted auditing standards;
• Assurance engagements;
• The form and content of the auditor’s reports.

These standards are intended to improve the degree of uniformity of auditing practices and related services throughout the world. The purpose of this statement is to provide practical assistance to auditors and to promote good practice in applying those standards to the audit of banks. It is not, however, intended to be an exhaustive listing of the procedures and practices to be used in such an audit.

The paper is divided into following sections:

• Audit objectives and audit process;
• Defining terms of the engagement;
• Planning the audit;
• Establishing the degree of reliance on internal control;
• Performing substantive procedures;
• Reporting on the financial statements.