This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
With a doctorate in accounting and auditing from Frances Universite Paul Verlaine, trilingual in Arabic, French and English, Raouf returned home to teach at Damascus University. According to the World Bank, Syrias economy has shrunk by 85% since its civil war broke out in 2011. Raoufs longer-term challenges are more than daunting.
The idea is to compare two sets of records—your internal records (like your company’s general ledger) and external ones (like bank statements or vendor invoices). For example, if your internal records say your bank account has $10,000, but your bank statement shows $9,800, you’ve got a discrepancy.
My career journey began at the age of 20, working in banking shortly after finishing my studies. This opportunity allowed me to audit clients like the South African Revenue Service and South African Tourism, as well as manage accounts for Mastercard South Africa. on the last day of the audit, was unforgettable.
Since the 2019 financial collapse that brought the war-torn country to its knees, banking sector reform has been a prerequisite for obtaining help from multilateral lending institutions. The new law allows entities, including independent auditors, to directly access banking records from the past decade.
NUCFDC has partnered with IIA India to enhance governance and internal audit standards in Urban Cooperative Banks (UCBs). The alliance will help UCBs adopt globally benchmarked audit frameworks and improve risk management capabilities.
A Year-Round Audit Strategy Is A Great Place To Start Insights from Acclarity Accredited to Small-to Medium Business Leader: Michele Himes For all but one day of the year, the end of your financial year is always approaching — sometimes year-end is still months away, other times year-end is right around the corner. Month-End Close.
Sebi expands the scope of Unpublished Price Sensitive Information (UPSI) to include proposed fundraising activities, restructuring plans, and one-time bank settlements. New rules categorize various activities, including fraud or defaults, forensic audits, and regulatory actions, under UPSI to minimize litigation and appeals.
Your Bank Balance Doesnt Match Your Books If the balance in your accounting software doesn’t match your bank statement, you’re flying blind. To fix this, start by performing monthly reconciliations for every bank and credit card account. This isnt just about spreadsheets. Youre playing with fire.
Morgan US Private Bank, discusses navigating rising rates, global tensions, and technological transformation. GF : In what ways do you see the evolving geopolitical landscape affecting private banks strategies worldwide? GF: How can private banks maintain their intimate service offering while scaling globally?
The United Kingdoms National Audit Office has advised public entities to adopt rolling forecasts and scenario-based planning, particularly in uncertain environments. Within five months, he corrected over 3,000 journal entries, implemented structural changes, and achieved a clean audit. At SAQA, the same pattern is emerging.
The IndusInd Bank forex derivatives crisis highlights the challenges with current audit policies for commercial banks, NBFCs, and small finance banks. Experts note that stringent criteria and joint audits, introduced in April 2021, have increased operational complexity rather than improving audit quality.
Several private sector bank CEOs, including those from Yes Bank, RBL Bank, Bandhan Bank, and Tamilnad Mercantile Bank, have recently resigned amidst controversies. The RBI's intervention and forensic audits highlight the challenges faced by these institutions and the subsequent leadership changes.
Using tools like Power BI, IDEA, or even Excel with pivot tables, you can identify: Duplicate payments Payments outside business hours Transactions near internal control thresholds Inconsistent vendor banking details Round number patterns (e.g. They understand that fraud risk isnt a threat to be buried in an audit report.
On the other hand: "high skill-based, regulatory-dependent and very localised processes like audit/client facing, bank-relationships, Finance Planning & Analysis that are very closely tied with location business leaders should stay local," she continues. Yong acknowledges that governance is a critical dimension. "In
National Financial Reporting Authority received a complaint against IndusInd Bank. Reserve Bank of India is providing inputs to NFRA. Securities and Exchange Board of India and Institute of Chartered Accountants of India are also reviewing the bank's books. IndusInd Bank reported losses due to these discrepancies.
There is more of an accountant, who comes from the audit function, which I think is more about compliance and implementing standards but has less business interaction. Then there is the CFO who comes from an investment bank, who is more about capital and markets and investor communication. I think there are three types of CFOs.
They can reconcile accounts, update forecasts, and manage audit schedules. When you are the only person who understands the revenue drivers, the banking covenants, or the internal control design, you become a single point of failure. When reporting season, audits, or board meetings come up, mentoring is the first thing to fall away.
Its not just about avoiding penalties or surviving the audit. Banks use them to assess creditworthiness. Adjustments are made late in the process to get the numbers right, but the audit trail is messy or missing. And when that happens, it doesnt just create audit tension. But that time has passed. Its not flashy work.
Also honored with Standard Bank Eswatini’s BLUE SHEroes Award and recognized by the Eswatini Institute of Accountants. Moreover, in the same period, 2024, Standard Bank Eswatini also honoured me with the BLUE SHEroes award! International Recognition : Awarded the prestigious Best Public Sector CFO in Africa (2023/2024) by ACCA.
Compliance Made Easy: Audit trails and data controls are built in, ensuring accuracy and accountability without extra effort. Effortless Integration: Whether it’s a new banking partner or an updated accounting system, integrations are smooth and fast, often completed within hours.
They are focused on practical, industry-relevant education, offering certificate programs, certifications (CPA, CFP, Enrolled Agent), and specialized training in areas such as accounting, internal audit, tax, financial analysis, real estate, and credit management.
ICAI will take at least six months to review the financial statements of IndusInd Bank and Gensol Engineering to ascertain audit lapses. The review follows concerns about incorrect recognition of derivative trades and alleged fund diversions.
Egorov began his career in audit at PwC Moscow, building an understanding of financial fundamentals before transitioning into more high-stakes investment banking. This realization sparked a pivotal shift: broaden the client base, refine the strategic narrative, and cultivate a more stable, scalable revenue foundation.
CFO Kfir Lippmann began his career at Ernst & Young in Tel Aviv, auditing high-growth tech clients and navigating the intricacies of IPO-bound businesses. Today, nearly all applications are connected through APIs, so if someone wants to check their bank balance, for example, they use an API to access the banks data storage.
Real-Time Visibility, Real Business Impact Many treasury departments still rely on spreadsheets for cash management, despite the risks and limitations.
Markets regulator Sebi is investigating potential serious violations by IndusInd Bank's senior management following an accounting fraud. While the RBI addresses the broader issues, Sebi focuses on securities market breaches by bank officials.
Some examples include: Banks and financial services These businesses must follow rules like Basel III, which ensures they have enough money to cover risks. If there are differences, it can lead to problems during audits or inspections. If the data is incorrect or unclear, the company may face penalties or extra audits.
Mixing Personal and Business Finances: We lose clarity if our business bank account is used for personal spending (or vice versa). This builds trust with banks and keeps our business strong for whatever comes next. Advisors can help us spot blind spots and audit processes and show us the best financing solutions for our needs.
Nirmala Sitharaman chaired a meeting with bank and insurance heads. Banks were directed to stay alert and ensure uninterrupted services. They must audit cyber systems and designate officers for cyber and operational matters. Banks are coordinating with RBI and CERT-In.
Fraud, such as fake vendors or altered bank account details, is a growing concern in accounts payable. During financial audits, Yooz makes it easy to retrieve invoices and provide documentation to auditors. During financial audits, Yooz makes it easy to retrieve invoices and provide documentation to auditors.
Some banks are comfortable with local auditors doing the job. But some differ on the grounds that it is not possible for an auditor sitting in India to do a proper job of auditing a firm based in another jurisdiction.
IndusInd Bank is facing scrutiny over past accounting reversals flagged in a whistleblower letter to the RBI and the board. These issues led to internal and forensic audits, executive resignations, and a significant financial provision.
For instance, if an employee requests a payroll update or a supplier emails to change bank details, confirm the request by calling back using a verified number on record. Audit your internal processes Regularly review internal workflows to identify weak points that could be exploited through human error or fraud.
He has over 28 years of experience in the finance industry in equity research, private equity, functional management, commercial banking, internal audit, and project management. He has an MBA from Rutgers Business School as well as master's and bachelor's degrees in commerce from the University of Mumbai.
For instance, a multinational bank issuing loans in multiple countries must comply with IFRS 9 when assessing the value of these loans. Regular training and external audits help companies stay compliant. IFRS 9 Financial Instruments This standard governs how businesses classify and measure financial assets and liabilities.
Bandhan Bank has appointed Navin Sharma as its new Chief Audit Executive and Head of Internal Audit, effective May 19. Sharma, a seasoned Chartered Accountant with 24 years of experience, joins from ICICI Bank, where he led the Business Internal Audit vertical.
While other details, if any, in the NFRA communique are not known, the sources confirmed said the government agency would scan the dossier of working papers and evidence that support the audit exercise and corroborate the bank's claims on its financials. "First,
With over three decades of experience in corporate banking, finance, and distressed business recovery, Louis brought a wealth of insights into navigating today’s volatile landscape. Expand into new markets or tweak products for untapped segments, just like how Vaseline became Lip Ice and aqueous cream.
The funds are audited by big four auditors in our case it’s KPMG They’re administered by firms like Bank of New York. When you think about Bitcoin, what I think Bitcoin is trying to become is a digital version of gold; a way to store money outside of central banks in a digital format.
The People’s Bank of China (PBoC) conformed by cutting mortgage rates, injecting cash into the banking system, and easing reserve requirements. Meanwhile, banks across the country are responding to difficult times with an unprecedented wave of innovation. trillion) in assets. trillion) in assets.
Bank of America and Countrywide (2008) – $2 Billion What was seen as a timely acquisition of a major mortgage lender turned into a long-term liability. Bank of America later faced tens of billions in losses and legal penalties. The technology didn’t align with user behavior, and the integration lacked a compelling business case.
The Reserve Bank of India has initiated insolvency proceedings against Aviom India Housing Finance Private Limited following governance concerns and payment defaults. A forensic audit revealed accounting fraud, leading the company to file a criminal complaint.
Starting as an engineering graduate with a curiosity about business finance, Morgan transitioned into the world of accounting and finance, where he has built an impressive career spanning leadership roles at renowned organizations like KPMG, United Bank for Africa, and Africa Finance Corporation.
We organize all of the trending information in your field so you don't have to. Join 39,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content