Banks
The Authoritative documents are:
- The Central Bank of Kenya Act,
- The Companies Act Cap 486.
- IAS 30 Disclosure in the Financial statements of Banks and Similar financial Institutions.
- IAPS 1000 Inter-bank confirmations procedures.
- IAPS 1004 the Relationship between Supervisors of Banks and Banks External Auditors.
- IAPS 1006 Audits of the Financial statements of Banks.
Key audit points are:
1) Internal control especially with regard to computerisation and internal audit.
2) Provision for doubtful debts on advances.
3) The manner of describing the profit figure and balance sheet items which include hidden inner results.
4) Critical re-evaluate of the bank’s financial situation and reserves