Volume : III, Issue : XI, November - 2013

Bank Audit–Ensuring Accuracy, Authenticity and Compliance

Sanjay Kumar Jha

Abstract :

Banking is trust–based relationship and the banking license from the regulator provides an assurance of trust to the public at large. To the banks, the banking license provides the privilege of accepting uncollateralized deposits from the public. However, the acts of stealth banking, negative option marketing, misleading advertisements, information gathering from customers for cross selling of products and services, and tie–up arrangements are inconsistent with the concept of a trust–based relationship. The lack of transparency, coupled with the difficulty of consumers in identifying key information from the large volume of material and communication in fine print, leads to an information asymmetry, which renders the banker–customer relationship one of unequals. Against this background, different aspects of Bank Audit Framework has been highlighted in this paper.

Keywords :

Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

SANJAY KUMAR JHA / Bank Audit-Ensuring Accuracy, Authenticity and Compliance / Indian Journal of Applied Research, Vol.3, Issue.11 November 2013

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