A bank auditor is an accounting professional responsible for evaluating and reviewing the financial standing of his employers. The bank auditor ensures that the funds are being accounted for every transaction is recorded and all the taxes have been paid. Moreover he looks for any irregularities being intentional or unintentional, in an effort to comply the bank’s functioning with the regulations of the local, state and federal laws.
Bank Auditor’s Job Duties
- Analyzes the accounting records of the company ensuring that the income, expense and equity were being reported exactly correct for the fiscal period.
- Ensures that all the company accounting are followed with the best practices.
- Responsible for monitoring the work of the accountants (internal) of the company to prevent any financial problems.
- Bank auditor provides a service that helps the bank to plan for a long term goal and achievement plan.
- Auditor looks to the bank’s balance sheets, general ledgers and the income statements and compares the posted amounts to the invoices and receipts for the speculated period of time.
- A bank auditor analyzes plans and proposals to assess the risk involved in them and suggest appropriate plans without much risk and more profit to the bank and its beneficiaries.
- A bank auditor looks after the corporate income taxes which are prepared for the bank and check for any inaccurate calculations. For example, if accountants had overstated the deductions by mistake then the auditor would rectify the problem thereby avoiding an understated tax liability.
- Auditor also makes recommendations improve the accounting operations of the bank.