Question

Thesis topic: The importance of Audit for big corporations. case study on Sierra Leone Commercial bank

Answer 1

The Audit in a Big bank “Sierra Leone Commercial Bank” is of much important and essential because it is the biggest and central bank of the place and due to following reasons:

1. To have strict supervision on the Bank and its branches.
2. To trace out the errors/lapses and getting the reasons and the solutions of the errors.
3. To have perfect reconciliation of the Bank with its branches.
4. To restrict the happening of frauds in any part of the bank.
5. To keep the employees on their toes and not being lethargic.
6. To have look on the Bank’s systems and procedures and abiding the Banking regulations.
7. To have draft of the Profit and Loss as per banking accounting system.
8. Audit will brings surprise inspections and removes all misappropriation by Banking evils.
9. Audit will provide confidence to the public to deposit their monies.
10. Confirms the shareholders and prospective investors that the investment in the bank is OK.
11. The management also feels good that they are performing well if Audit of the Bank goes fine.
12. The Bank able to keep itself in a healthy and avoids the financial risks exposure.

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