Banking audit. Audit of bank brokerage activities (the most important)

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Banking audit. Audit of bank brokerage activities (the most important)

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43. Audit of the brokerage activities of the bank

In order for a credit institution to purchase and sell securities at the expense and on behalf of a client on the basis of a brokerage agreement, a passive account 30601 "Client's funds for brokerage operations with securities and other financial assets" and 30606 "Funds of non-resident clients for brokerage operations with securities" are opened and other financial assets. All operations are carried out within the limits of available funds on these accounts and are documented by postings.

The Commercial Bank maintains a register of brokerage operations, which is filled out daily based on the results of the Commercial Bank's operations with securities in the primary and secondary markets based on extracts from the registers of transactions of brokerage agreements with clients. The summary data of the turnover journal is used to enter summary turnovers into the journal.

When auditing brokerage transactions, the auditor should:

1) Make sure that transactions are carried out in accordance with the contract and instructions of investors for each transaction.

2) Check compliance with legal formalities for opening an account for a client.

3) Verify that all accounting transactions are recorded in the correct amount to the appropriate account at the correct time period and in accordance with accounting policies.

4) The right of ownership of investors is formalized in accordance with applicable law.

5) Check the statements on the personal accounts of investors for the compliance of debit and credit turnover with the instructions of investors.

6) Make sure that the data of analytical, synthetic and depositary accounting are identical.

7) Check the correctness of the reflection by commercial banks and the timeliness of the transfer by the investor of the commission in accordance with the contract.

Author: Shevchuk D.A.

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