10-02-2004, 03:52 AM
Dear Friends
I am also doing job in an internal dept of a leading commercial bank & want to share my experience....Still in pakistan the Internal Audit dept.(IAD) is very weak in some areas that includes
* cant comments on policies made my top management/or any activity of top executives...I m talking about material & immaterial for both amount...the matter here is not money but to discurage the malpractices & procedure that may adopt the lower manegemnt on thier behalf & to develpe a transparent system.........
* There is no written down policies to appoint internal auditors in the dept......if there is no consideration is given to qualification & personal traits........Both are very important for an Internal Auditor..........
**No i agreed no body adopt or is following The IIA codes...
**Is there any Chief Internal Auditor who can creat object directly in audit comitte or BOD about President/MD of his company...?? no but it The IIA recomend stritcly to do this....
Now ther is answer of pracs.........
In banking companies ordiance , bank can involve in
1. managing, selling and realising any property which may come
into the possession of the company in satisfaction or part
satisfaction of any of its claims i.e.loan/fiance/advaces etc..
2. acquiring and holding and generally dealing with any property
or any right, title or interest in any such property which may
form security or part of the security for any loans or advances
or which may be connected with any such security;
Hence seperatly cant purchase/invest funds in property
Secondly , in pakistan a bank can own shares in subsidiary company..........
Regards
Kh. Ehrar Hasan
APA,ACMA,CIA,M.A(Eco),
CIMA(Inter)-IBP,Stage-I
I am also doing job in an internal dept of a leading commercial bank & want to share my experience....Still in pakistan the Internal Audit dept.(IAD) is very weak in some areas that includes
* cant comments on policies made my top management/or any activity of top executives...I m talking about material & immaterial for both amount...the matter here is not money but to discurage the malpractices & procedure that may adopt the lower manegemnt on thier behalf & to develpe a transparent system.........
* There is no written down policies to appoint internal auditors in the dept......if there is no consideration is given to qualification & personal traits........Both are very important for an Internal Auditor..........
**No i agreed no body adopt or is following The IIA codes...
**Is there any Chief Internal Auditor who can creat object directly in audit comitte or BOD about President/MD of his company...?? no but it The IIA recomend stritcly to do this....
Now ther is answer of pracs.........
In banking companies ordiance , bank can involve in
1. managing, selling and realising any property which may come
into the possession of the company in satisfaction or part
satisfaction of any of its claims i.e.loan/fiance/advaces etc..
2. acquiring and holding and generally dealing with any property
or any right, title or interest in any such property which may
form security or part of the security for any loans or advances
or which may be connected with any such security;
Hence seperatly cant purchase/invest funds in property
Secondly , in pakistan a bank can own shares in subsidiary company..........
Regards
Kh. Ehrar Hasan
APA,ACMA,CIA,M.A(Eco),
CIMA(Inter)-IBP,Stage-I
