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What is a concurrent safety audit?
A concurrent safety audit is a safety audit performed at the same time as some other activity, often a financial audit.
What is concurrent audit of bank?
the bank sets a questionaire which has to be checked and reported
What powers are shared by the federal and the state governments?
concurrent
What is revenue leakage in a concurrent audit?
IF BANK NOT COVER CHARGES TO ITS CUSTOMERS THAN WE SAID THAT ITS A REVENUE LEAKAGE. CHARGES MEANS-INTERESTS,INSPECTION CHARGES, PROCESSING CHARGES, LOCKER RENT CHARGES etc.
What is powers shared by states and federal governments called?
Concurrent Powers
Granting a charter to a corporation is an example of this type of power?
Concurrent powers
Which powers ar shared between national and state governments?
Concurrent Powers
What do you call powers that are shared by the state and the national government?
it's concurrent
Is the power to charter banks a concurrent power?
Concurrent power
What kind of power is the power to tax?
The 16th Amendment to the Constitution of the United States.
What is the definition of concurrent lines?
concurrent lines are In geometry, three or more lines are said to be concurrent if they intersect at a single point.
Differences between IS Audit nad Traditional Audit?
Aspect IS Audit (Information Systems Audit) Traditional Audit (Financial/Statutory Audit) Objective To evaluate the security, integrity, and performance of an organization’s IT systems To assess the accuracy and fairness of financial statements Focus Area IT infrastructure, data security, software systems, cyber risk, IT governance Financial records, accounting systems, balance sheet, income statement Primary Standards ISACA standards (e.g., COBIT), ISO 27001, NIST IFRS, GAAP, International Standards on Auditing (ISA) Performed By IT auditors, IS/IT governance professionals (e.g., CISA holders) Chartered Accountants or Certified Public Accountants (CPA) Key Components Access controls, data privacy, disaster recovery, system reliability Revenue, expenses, assets, liabilities, equity, compliance with laws Tools Used Audit software, vulnerability scanners, system logs, cybersecurity tools Financial statements, accounting software, trial balances, ledgers Risk Assessment Focus on IT-related risks (data breach, downtime, hacking, etc.) Focus on financial risks (fraud, misstatement, internal control weaknesses) Output IS Audit Report with findings on system effectiveness and recommendations Auditor’s Report giving opinion on the financial statements Relevance For businesses heavily reliant on IT systems, e.g., banks, fintech, e-commerce Required by law for companies (statutory compliance, tax purposes)
