Financial, Accounting Structure, Audition

Financial accounting framework

The Bank’s finance and accounting related functions are directed and managed by the Chief Financial Officer (CFO) and the finance units comprise of 3 departments and 3 divisions. Main functions of these units are outlined below. 

• Financial management and international relations department is mainly in charge of external financing activities, budgeting versus actual analysis and providing stakeholders with financial information and reports.
• Treasury department’s area of main responsibility include developing and maintaining an appropriate level of asset and liabilities, compliance with prudential ratios set by the regulatory authorities and investors, and managing foreign exchange trading.
• Payment and settlement department manages the international and internal payment and settlement functions and provides back office support for treasury and trade finance functions.
• Accounting division maintains systematic accounting records of financial transactions and events of the bank in accordance with international accounting standards  and prepares real estate tax and payroll related tax returns.
• Financial reporting division is mainly responsible for preparing  and reporting of regulatory financial statements  and corporate income tax returns in accordance with international  financial reporting standards and local laws and regulation and assisting external auditors in auditing Bank’s financial statements.
• Financial controlling division develops accounting policies procedures in accordance with applicable accounting standards and oversees and controls the accounting function of the head office and branches. 

Internal audit framework

The Bank’s Chief auditor who directly reports to the Board of directors through its audit committee is responsible for Internal control activities. Also, the day to day financial transactions and lending operations are regularly managed and overseen by the Finance and Credit managements units.   

Chief auditor and the audit team

There are on-site and offsite audit departments reporting to the Chief auditor. The primary responsibility of the both unit is to provide independent assurance that the Bank’s risk management, corporate governance and internal control processes are operating effectively.  Moreover, its duties include reviewing internal controls in place, monitoring Bank’s operations and recommending financial and operational performance improvements.