Audit-Risks Essay Example | Topics and Well Written Essays - 1000 words

Audit-Risks - Essay Example the core operating system has been replaced by a new one that is expected to provide highly efficient and secured transactions from the following three points of sales of the Bank: (a) Inherent Risk: The federal government withdrew funding from the sustainable living program that was launched by the bank on discounted lending rates. The impact of Bank business is not direct because the funding from government was directly to the borrowers (this is an assumption here!!). However the discounts offered by Bank now will not be adequate to reduce cost to consumers which means the applications of Home Loan will reduce once again. The withdrawal of its funding by the Government was a measure to cut expenses which was unexpected and hence the Risk is taken as Inherent. The risk, however, is proposed to be converted to an Empirical Risk and logged under the known Business Risks whereby the methodology will be addressed by the audit team. (b) Technology outage in one of the locations: This outage caused inconsistency in the bank transactions and unwarranted embarrassment to the Customers. A Technology Risk that directly impact Customers has cascaded effect on reputation loss and hence causing exposure to a business risk. The incident analysis, root cause analysis, corrective actions and preventive actions performed by the Bank pertaining to this incident is proposed to be assessed by the audit team. The Technology Risks will be assessed by the auditors to verify the proactive controls in place and the control effectiveness measurement shall be undertaken (Basel Committee on Banking Supervision, 2003). (c) Money Laundering by one of the employees and more cases of Money laundering suspected in the Bank: This event has brought to surface gaps in management of economic risks, business risks, & audit risks due to weakness in control & detection of risks due to fraudulent activities. The bank has lost money and lost reputation in market (can cause impact to business) due to

A city (ISTANBUL) that has been continuously inhabited for hundreds of Essay

A city (ISTANBUL) that has been continuously inhabited for hundreds of years - Essay Example The city covers more than five thousand three hundred square kilometres and is coterminous with the Istanbul province whose administrative capital is the city itself neighbouring Bosporus strait in the northwest. The establishment of Istanbul occurred as a Greek colony known as Byzantium in the seventh century BC then in AD 196, it fell to the Roman Republic up to 330 when it became the capital of the Roman Empire and renamed Constantinople (Spielvogel, 2012). In the later antiquity, Constantinople grew to become the biggest in the western hemisphere with almost half a million inhabitants and was the headquarters of the Eastern Roman Empire referred to as Byzantine Empire which came to an end with the Muslim conquest after which it became Ottoman Empire’s capital. There has been a decline in population in the medieval era, but as the Ottoman Empire was approaching its peak, the population of the city rose to about seven hundred thousand inhabitants in the sixteenth century which was second only to Beijing and surpassed only by London later in the eighteenth century (Lafferty, 2009). With the founding of the republic of Turkey in 1923, the headquarters were moved to Ankara from Constantinople and from the thirties, the native title Istanbul has been the only official name of the city and has replaced Constantinople. Istanbul’s public transport can be traced back to mid-1869 when a contract was signed to construct a tram in Ottoman Empire’s capital and by the 1950s, the tram lines were almost one hundred and thirty kilometres long. The trams remained serviceable on the European side up to 1961 and on the Asian section up to 1966. O the other hand, the ferry can be considered as the oldest transportation means in Istanbul, which has to parts split by the Bosporus strait and encircled by the sea. In 1837, boats that belonged to Britain and Russia began transport in the Bosporus with the Istanbul maritime company being started in 1851 through a decree of