Ifrs9 audit
Budget: $1,500 – $3,000 USD
Performing a detailed audit of bank loan accounts in accordance with International Financial Reporting Standards (IFRS 9) involves a thorough examination of the loan portfolio to ensure compliance with the standards and accurate financial reporting. IFRS 9 addresses the classification, measurement, impairment, and derecognition of financial instruments, including bank loans.
Testing Classification and Measurement:
Review the bank's classification and measurement of loan accounts. Ensure that loans are properly categorized into their appropriate categories (i.e., amortized cost, fair value through other comprehensive income, or fair value through profit or loss). Verify the accuracy of valuation techniques and the supporting documentation.
Impairment Assessment:
Examine the bank's impairment assessment process. This involves evaluating the bank's methodology for recognizing and measuring expected credit losses (ECL). Review historical data, forward-looking information, and macroeconomic indicators used to estimate credit risk and potential losses.
Testing Classification and Measurement:
Review the bank's classification and measurement of loan accounts. Ensure that loans are properly categorized into their appropriate categories (i.e., amortized cost, fair value through other comprehensive income, or fair value through profit or loss). Verify the accuracy of valuation techniques and the supporting documentation.
Impairment Assessment:
Examine the bank's impairment assessment process. This involves evaluating the bank's methodology for recognizing and measuring expected credit losses (ECL). Review historical data, forward-looking information, and macroeconomic indicators used to estimate credit risk and potential losses.