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4. Classification of types of banking control
Banking audit is divided into two main types:
1) External - this is an audit on a contractual basis by third-party independent auditors. The bank independently chooses an audit firm for verification (External departmental audit is an audit of the Central Bank of the Russian Federation. External audit is carried out by tax authorities, law enforcement agencies, the treasury.);
2) Internal - in accordance with the requirements of the Central Bank of the Russian Federation, each credit institution must organize internal control, i.e., the creation of special internal structures or a position of an authorized specialist performing the functions of supervision and control. Activities for the implementation of internal audit are not regulated by law, but are determined by the head of the bank.
According to the method of conducting the audit is divided into:
1) Mandatory - carried out in cases established by the legislation of the Russian Federation: annually, as well as on behalf of state bodies (Article 40 of the Law "On Banks and Banking Activity");
2) Initiative - i.e. verification by decision of the credit institution itself, its nature and extent are determined by the client himself).
According to the frequency of the audit is divided into:
1) Initial - carried out by an audit firm for the first time for a given client (bank), which significantly increases the risk and complexity of the audit;
2) Agreed (repeated) - carried out repeatedly or regularly, based on knowledge of the specifics of the client, its positive and negative sides, the qualifications of the management, which, other things being equal, reduces the risk of an audit.
From the point of view of development, the audit is divided into:
1) Confirming - verification and confirmation of the reliability of the financial statements of a credit institution;
2) System-oriented - gives the ability to monitor systems, controls a specific client. Here, the audit is based on an analysis of the internal control system of the credit institution. With an effective system of internal control, the probability of errors in the activities of the client is negligible and therefore there is no need for auditors to conduct a detailed audit of this client;
3) Risk-based audit - means conducting an audit selectively with a concentration of audit work on the main areas of the client's activities, that is, in areas with the highest audit risk.
Author: Shevchuk D.A.
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