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Internal Auditors in Banking Matthew Cassar Introduction Auditing is the inspection and verification of the accuracy of financial records and statements. Banks conduct internal audits of accounting records and procedures. Its task is to examine the risks that the bank faces, to review the adequacy of the controls in place to protect it from those risks, and to verify that the controls are working as intended. This report aspires to outline the purpose, roles, and standards involved in the internal auditing of banks. The importance of internal auditing Banks take on the role of securing and investing its customer's funds; if they gain a reputation for being untrustworthy then customers will move onto another competing bank. Also, banks are to comply with a mandatory external audit which is sent in to confirm the findings of the internal audit and to make sure everything is correct. The external auditors present an audit statement that is...

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