Audit of Banks

Front

They generally have exclusive access to clearing and settlement systems for _______, _______, and ________

Back

Checks; Fund transfers; Foreign exchange transactions

Front

Banks have custody of large amounts of monetary items, including ______ and ___________, whose physical security has to be safeguarded during transfer and while being stored.

Back

Cash; Negotiable Instruments

Front

They also have ______ and _____ of negotiable instruments and other assets that are readily transferable in electronic form.

Back

Custody; Control

Front

The liquidity characteristics of these items make banks vulnerable to ___________ and ______.

Back

Misappropriation; Fraud

Front

They operate with very high leverage (that is, the ratio of capital to total assets is low), which increases banks’ vulnerability to __________________ and increases the risk of failure

Back

adverse economic events

Front

____ is a type of financial institution whose ______ ______ is the taking of ______ and ______ for the purpose of lending and investing and that is recognized as a bank by the Bangko Sentral ng Pilipinas

Back

Bank; Principal Activity; Deposits; Borrowings

Front

Individual applications as external auditor of entities under Category A above must have established adequate quality assurance procedures, such __________ and ________________, to ensure full compliance with the accounting and regulatory requirements.

Back

Consultation policies; Stringent quality control

Front

Banks typically Involve ______ and ______ ______ so that they no longer appear in the bank’s financial statements.

Back

securitizing; selling assets

Front

is the technology that connects offices, data centers, cloud applications, and cloud storage together.

Back

Wide Area Network

Front

Additional partners of the firm shall be furnished by Board of Accountancy to the concerned regulatory agencies (e.g. Bangko Sentral, Securities and Exchange Commission, and Insurance Commission) as ________ to the firm’s accreditation by BOA.

Back

Addendum