1. Conducting an Internal Audit of Internet Banking

Conducting an Internal Audit of Internet Banking

Event ID: 2145427
Recording: Unable to attend? A recording will be available after the presentation.
Date: Recorded on 10/29/2019
Duration: Scheduled for 90 minutes including question and answer period.
Presenter: Gary Deutsch, CPA, president, BRT Publications, LLC
Credits: Live webinar approved for 1.5 NASBA credit hours (Management Services)

Conducting an Internal Audit of Internet Banking

Internet banking has become a mission critical part of banking for consumers as well as businesses. This rise in importance has generated many risks including the potential for unauthorized system access, loss of sensitive data, fraud, counterfeiting of electronic money, ineffective vendor controls, poorly managed operations, accounting and processing controls that aren’t followed, and many others.

These risks are indicative of the operational complexity that has grown over the years since online banking services were introduced. Banks must address these growing risks with an expanded internal audit of the internal and third-party operations that support the internet banking function. The audit should address many functional areas such as internet banking controls, management’s governance process, accounting and operational controls and legal and regulatory issues. In addition, the audit should address outside vendor risks. If a service provider does not deliver expected services, deficiencies in system or data integrity or reliability may result, and the bank may be held accountable by customers for service provider-induced problems.

Weaknesses in internet banking operations can lead to unplanned costs associated with reimbursing customer losses and with reconstructing accurate data on customers. Other possible losses could come from redeeming electronic money for which no corresponding prepaid funds were received. In more severe cases, customers may perceive the bank as being unreliable. Or a bank may risk facing legal or regulatory sanctions, and negative publicity.

During this important webinar, Gary Deutsch, CPA MBA will discuss the essential components of performing an internal audit of internet banking operations.


The discussion of the internet banking audit process will cover the following topics:

  • Setting audit objectives
  • Identifying the scope of the audit to be performed
  • Identifying the adequacy of policies and procedures
  • Conducting a review of:
    • Internet banking controls
    • Management’s governance process
    • Accounting and operational controls
    • Legal and regulatory issues

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