Trade Finance External Audit
different than auditing other departments of the bank. The risks of its complex
operations often disguise in areas that can not be reflected in the department’s
accounts; it requires a trade finance operations expert, not only accountants, to
identify the existing risks and foresee potential ones.
An independent external trade finance audit is necessary for the banks protection, not only does it safeguard the bank from illegal and negligent practices, an external audit also provides the management with information about the efficiency of the procedures, structure, limits of authority … etc. Furthermore, an independent external trade finance audit is the exemplary means to protect the bank from organized commercial crime and prevent fraud.
Numerous recent cases around the world indicate that fraudsters often depend on an inside member of the bank’s staff in perpetrating their fraud. This explains the reason for which global banks constantly rotate or replace their staff within a maximum of two years from the date of commencement of the job by the holder.
Being an internationally recognized trade finance experts, our office can perfectly and discretely audit your trade finance operations and submit findings to the bank’s management that will enable your audit committee to complete the following roles:-
1. Monitor the bank’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
2. Recommending to the bank’s top management appointment of new trade finance staff or rotation of existing ones including the replacement or removal of the external and/or internal auditors.
3. Reviewing the annual financial statements before submission to the Board for approval, with particular emphasis on changes in accounting policies and practices and the justifying causation.
4. Controlling major accounting entries - involving management projections of future transactions and significant adjustments made in the financial statements arising out of audit findings.
5. Ensuring compliance with the legal requirements relating to financial statements and disclosure.
6. Reviewing the interim balance sheets of the bank before submission to the Board for approval.
7. Reviewing performance of statutory and internal auditors in addition to the adequacy of the internal control system.
8. Reviewing the adequacy of internal audit function, including the structure of the internal audit department, staffing and seniority to report structure coverage and frequency of Internal Audit.
The terms of reference, set by the bank, may be presented to us with additional accountabilities including training of the bank’s junior auditors.
We are committed to total client confidentiality in all circumstances and therefore, we only discuss our audit reports and the findings stated therein with the bank’s Chairman, CEO or any other executive to whom such responsibility is delegated by the authorized members of the executive committee.
For a detailed proposal, please send us an email using the contact us page of our website.
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