The principal objective of this audit work program is to assist department management in analyzing the effectiveness of the internal control structure over financial reporting for the financial reporting cycle at a bank. This audit program outlines a structured approach for evaluating the effectiveness of management control structures (MCS) at the transaction cycle level, ensuring that key business objectives such as reliable financial reporting, operational efficiency, and compliance with laws and regulations are met.

By providing a set of questions, tables and checklists, it assists cycle management in identifying potential risks and implementing process and monitoring controls that mitigate these risks. This tool is crucial for maintaining the integrity of a bank's financial statements; safeguarding assets; and ensuring that all financial transactions are authorized, recorded and reported accurately. Additionally, it supports the preparation of regulatory reports and adherence to industry best practices, ultimately fostering confidence among stakeholders in the bank's financial health and compliance posture.

Risks to be addressed include:

• Required disclosures may be omitted.
• Information presented may be too summarized to be useful.
• Excessive detail may be presented.
• Regulatory reports may be prepared inaccurately.