Page 47 - Banking Finance June 2023

ARTICLE

Introduction the economic development of a country. Banking system in
the world undergoing substantial ups and downs especially
"Internal Auditing is an independent, objective assurance
in the last decade and India is also not an exception. One
and consulting activity designed to add value and improve
has to appreciate the strength and the manner in which the
an organization's operations. It helps an organization
banking system in India has withstood the pressures. The
accomplish its objectives by bringing a systematic, disciplined
credit for this sustenance goes to all those who were
approach to evaluate and improve the effectiveness of risk
controlling and managing the banking system during this
management, control, and governance processes" -The
turbulent period.The Audit of banks has played a major role
Institute of Internal Auditors.
in assisting the Regulators to supervise the entire banking
system in the country even through these difficult times.
The soundness of the Banking System in any country is a
major indicator of the economic strength of that country.
Audit is an Independent Management Function, which
The emergence of a robust banking system contributes to
involves a continuous appraisal of the functioning of entity's
Strategic Risk, Management Risk and Internal Control
About the author System. The prime responsibility of the internal audit
function is towards the Top Management. In liberalized
Raj Kumar Sharma
environment, its role is much wider. It owes greater
Chief Manager, Faculty Member at
responsibility towards shareholders, depositors and
Union Learning Academy,
regulators.
Union Bank of India, Mangalore
42 | 2023 | JUNE | BANKING FINANCE