In the previous parts i was talking about the auditors and their responsibilities and obligations, the ethics they should have, their character how should be(I had an idea about all of that because i read and researched a lot in order to understand what is an internal auditor).

So i had to know some information from reading the guides and books from the IAD as well as from any other place that i was able to get information from.

image source

Of course it’s fair to do that but it’s not enough, i know i have to work on field, to be in the audit department to have the full knowledge and get to know how the audit is, and not how should he be (since i already know how he should be from the books i read).

Are the auditors really like how i already read or it is only written in the books?

(What happens in the book stays in the book), may be this is the way how it works i really don’t know yet.
But sooner or later i will discover, so why is the hurry?

image source

Before i start with IAD i had to meet what i mentioned previously “The Audit Committee”.

Their name sounds scary like “the military highest council of defense” or something so i thought i would be more relaxed if i knew who are they before i meet them.

The Audit Committee:

According to the Lebanese regulations every Board of directors of each bank working in Lebanon should have an Audit Committee formed from some of it’s members with a condition not to have any managerial positions at the bank.

Job of the Committee (what they have to do)?

• periodic meetings
  The committee should have meetings at least once every season, as they can ask to gather with any manager to get the needed clarifications from him about his job in the bank.
• Ensure the cleanness of the financial statements.
• follow the right implementation of the corrective suggestions mentioned in the audit unit report.
• Control if the bank is following the regulations of the central bank and and the ABS (Association of Banking Supervision).
• The effectiveness of the procedures applied by the internal audit department.

As for the system of the (internal control) the committee have to:

• revise and control the procedures of the AML Anti Money Laundering, and financing the terrorism to make sure its adequate.
• Direct supervision on the audit unit to make sure of it’s independency (specially from the executive management) same as of its objectivity in practicing their audit job.
• This committee can approve or reject the head of the audit unit (i knew it this committee is scary).
• Revise all the audit unit reports.

There are much more other points related to the job of this committee but i mentioned some of the most important tasks applied by them.

Conclusion before i meet the committee ( Scary!!!!!)

To be continued with Diary of a BANKER Part- 17

The text published in this post is my original work.

Some images are from different sources click on the link below the image to view the source.

**Kindly don’t forget to check the old parts from “Diary of a Banker” for entertainment and more information.

Diary of a Banker part-1

Diary of a Banker part-2

Diary of a Banker part-3

Diary of a Banker part-4

Diary of a Banker part-5

Diary of a Banker part-6

Diary of a Banker part-7

Diary of a Banker part-8

Diary of a Banker part-9

Diary of a Banker part-10

Diary of a Banker part-11

Diary of a Banker part-12

Diary of a Banker part-13

Diary of a Banker part-14

Diary of a Banker part-15

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