Internal Audit Procedure of One Bank Ltd

Abstract

ONE Bank Limited (OBL) is one of the quickest developing banks in the nation. To ensure consumer satisfaction, its professionalism, its effectiveness and corporate governance, the "Internal Control Department (ICD)" of the bank assumes the fundamental part. It is gigantic duty regarding the ICD to guide and screen a huge. Thusly, this report intends to give a clear picture of the distinctive exercises and practices of ICD of ONE Bank Limited. At the initial segment of the report, a concise presentation of the study is given. In this part the rationale, objective and particular limitations are clearly described, which help to comprehend the study properly. After that in segment two and three the methodology, organization profile, Bangladesh Bank’s guidelines and SWOT analysis of ICD is given respectively. Next come the segment of findings and analysis of ICD based on the study and working background in OBL some positive and negative findings are given. In these sections the concentration is given to the distinctive exercises and practices by the ICD. A thorough analytically discussion on ICD provides a clear and concrete picture of OBL’s attitudes towards the importance of independent auditing, corporate governance and responsibilities to the investors. In this report, it has been endeavored to recognize the current Internal Control System of ONE Bank Ltd. In the study just those relating facts were considered which were connected to the control and compliance activities performed by ICD. ICD has been rebuilt to concentrate more on Regulatory Issues and Internal Control Mechanism. The main objective of this Internal Control function to put the bank in an adjusted position of Risk and Return, and no Risk ought to be unidentified and non-calculative. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It enables an organization to achieve its goals by bringing an efficient, disciplined way to deal with evaluate and improve the effectiveness of risk management, control, and governance processes. Risk is the potential of losing something of value, weighed against the potential to gain something of value. Values (such as physical health, social status, emotional wellbeing or financial wealth) can be gained or lost when taking risk resulting from a given action, activity and/or inaction, foreseen or unforeseen.

At last some recommendations are given based on the findings of the study and the SWOT analysis on the ICD of OBL. Based on the findings of the study it can be said that OBL performs an moderate to excellent job in minimizing the six core risk (credit risk, assets liability risk, foreign exchange risk, internal control & compliance risk, money laundering risk, information communication technology risk ) and compliance with applicable rules and regulations regarding banking services, provided by regulatory bodies.