Audit & Compliance
There is a saying – ‘If you fail to plan, you plan to fail’. Budgeting is more about planning – planning of our spending to achieve certain goal in a particular given time period. Budgeting is a process of creating a plan of our spending on a proper manner. This is, in fact, a tool of our planning. Our success depends on a proper planning. Therefore, we need to prepare our budget very carefully taking into account complete information, future priorities/ goals, resources etc.
Risk Based Internal Auditing (RBIA) is a audit methodology that links an organisation's overall risk management framework and allows internal audit function to provide assurance to the board that risk management processes effectively, in line with risk appetite define by the Bank.
The Basel Core Principle for Effective Banking Supervision, and Basel/OECD Corporate Governance Principles of Banks requires the internal audit function to conduct the RBIA.