EFT and the auditor

Article Abstract:

The experiences of the National Australia Bank in developing and auditing its electronic funds transfer (EFT) system are described. EFT is the movement of funds from one account to another by electronic means. This includes transfers of cash and non-cash funds such as letters of credit, point of sale transactions, and clearing house transfers. The bank has a number of controls which are crucial to the reliability and integrity of its EFT system. Message integrity at all stages of processing is controlled by message authentication codes and encrypted personal identification numbers. A log is kept of all transactions conducted on the system. Encryption keys are carefully managed and changed frequently. Readily usable audit trails are created by message and logging procedures. Thorough settlement procedures between the bank and it clients have been established.

Methods, Banking industry, Australia, Accounting, Technology application, Electronic funds transfer systems, Management audit, Management audits, Bank automation

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The other city

Article Abstract:

The Scottish financial services industry ranks as one of the most important in Europe. Its influence in the international capital markets is belied by the fact that in terms of volume of funds managed, its two principal financial centers, Edinburgh and Glasgow, handled more equities business in 1990 than such prominent financial marketplaces as Paris and Frankfurt. A large part of the strength of Scotland's financial sector can be traced to the success of its locally-based life assurance companies, which between them manage funds in excess of 40 billion pounds sterling. The presence of three major clearing banks in Scotland has also helped to buttress the institutional strength of the Scottish financial services industry.

Financial services industry, Financial services, Scotland

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