Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era

Li Jinmao

doi:doi:10.11648/j.jfa.20210903.13

| Peer-Reviewed

Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era

Li Jinmao

Published in Journal of Finance and Accounting (Volume 9, Issue 3)

Received: 22 February 2020 Accepted: 1 April 2020 Published: 26 May 2021

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

In the new era, Internal audit of Commercial Banks is facing more risk challenges, This paper analyze the difficulties and shortcomings encountered by internal audit in the process of innovation development, On the one hand, Internal audit function is facing unprecedented challenges, with arising business involvement and regional cooperation, cross-business and cross-region risks are growing even complex, the regulatory requirements turning much strict by enhancing comprehensive supervision on more penetrated aspects, together with the self strategic transformation of commercial bank. On the other hand, Internal audit encountered more difficulties, with limited information and communication from the regulators, talents needs to be improved both structurally and professionally, concepts and methods is on the urgent need of upgrading. This paper also explores the development direction and ideas of internal audit to actively respond to complex risks and regulatory changes, further clarifies the path of internal audit to promote innovative development in the future period, and realizes mutual promotion and effective integration of risk prevention and control with the function of internal audit by exploring more paths for internal audit to realize concurrent innovative development, finding more methods for self improvement in order to meet the fast development of banking business, building a strong mechanism for system standardization and team operation.

Published in	Journal of Finance and Accounting (Volume 9, Issue 3)
DOI	10.11648/j.jfa.20210903.13
Page(s)	80-86
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Internal Audit, Risk Challenge, Innovation and Development, Path of Realization

References

[1]	Ye Wenhui. Risks and Countermeasures of cross-cutting financial business. International Finance, 2015 (02): 77-80.
[2]	Gong Tianyu, Mu Jing, Yu Ruobing. A comparative study on the relationship between asset management business and traditional banking business of commercial banks. Beijing Financial Review, 2017 (04): 161-177.
[3]	Yu Jianke. Research on the internal audit of financial standardized agent investment business. Internal Auditing in China, 2017 (02): 26-29.
[4]	Zhu Jiang. An analysis of the way to enhance the value of the internal audit of the people's Bank of China [J]. Times Finance, 2017 (36): 57-58.
[5]	Yu Jianke. Cross financial risk and active response of internal audit. Internal Auditing in China, 2017 (12): 21-25.
[6]	Wang Jiahua, Cai Zexiang, Cao Yuanfang. Butterfly Effect of shadow banking risk and audit governance mechanism. Economic Issue, 2017 (01): 67-72.
[7]	Chen Huan. Transformation and value-added of internal audit of commercial banks under the new normal of economy. Friends of Accounting, 2017 (16): 113-116.
[8]	Wang Li. Research on the effectiveness of internal audit of commercial banks - Based on the management experience of "Big four" accounting firms. Jilin Financial Research, 2017 (04): 35-38.
[9]	Zhang Jiangang. Thinking on the transformation of internal audit strategy of commercial banks under the new normal. Internal Auditing in China, 2017 (09): 8-11.
[10]	Liu Jin. Research on the transformation of internal audit system of China's commercial banks. Times finance, 2017 (02): 133-136.
[11]	Zhao Chenghui, Cheng Kai. The role and path of internal audit in value adding. Audit and Financial management, 2018 (03): 43-45.
[12]	Xu Xingming. Strategic thinking of commercial banks in the new era [J]. Bankers, 2017 (12): 39-41.
[13]	Ma Lijun. Financial supervision and risk prevention of commercial banks in the new era. Rural Finance Research, 2017 (11): 24-27.
[14]	Zhu Dianhua, Zhang Yifan. Internal audit management reform from the perspective of national audit management system reform. Internal Auditing in China, 2018 (07): 13-15.
[15]	Ma Xiaochen. The path of improving the value of central bank internal audit. Internal Auditing in China, 2018 (06): 70-73.

Cite This Article

Plain Text BibTeX RIS

APA Style

Li Jinmao. (2021). Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era. Journal of Finance and Accounting, 9(3), 80-86. https://doi.org/10.11648/j.jfa.20210903.13

Copy | Download

ACS Style

Li Jinmao. Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era. J. Finance Account. 2021, 9(3), 80-86. doi: 10.11648/j.jfa.20210903.13

Copy | Download

AMA Style

Li Jinmao. Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era. J Finance Account. 2021;9(3):80-86. doi: 10.11648/j.jfa.20210903.13

Copy | Download

@article{10.11648/j.jfa.20210903.13,
  author = {Li Jinmao},
  title = {Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era},
  journal = {Journal of Finance and Accounting},
  volume = {9},
  number = {3},
  pages = {80-86},
  doi = {10.11648/j.jfa.20210903.13},
  url = {https://doi.org/10.11648/j.jfa.20210903.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20210903.13},
  abstract = {In the new era, Internal audit of Commercial Banks is facing more risk challenges, This paper analyze the difficulties and shortcomings encountered by internal audit in the process of innovation development, On the one hand, Internal audit function is facing unprecedented challenges, with arising business involvement and regional cooperation, cross-business and cross-region risks are growing even complex, the regulatory requirements turning much strict by enhancing comprehensive supervision on more penetrated aspects, together with the self strategic transformation of commercial bank. On the other hand, Internal audit encountered more difficulties, with limited information and communication from the regulators, talents needs to be improved both structurally and professionally, concepts and methods is on the urgent need of upgrading. This paper also explores the development direction and ideas of internal audit to actively respond to complex risks and regulatory changes, further clarifies the path of internal audit to promote innovative development in the future period, and realizes mutual promotion and effective integration of risk prevention and control with the function of internal audit by exploring more paths for internal audit to realize concurrent innovative development, finding more methods for self improvement in order to meet the fast development of banking business, building a strong mechanism for system standardization and team operation.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era
AU  - Li Jinmao
Y1  - 2021/05/26
PY  - 2021
N1  - https://doi.org/10.11648/j.jfa.20210903.13
DO  - 10.11648/j.jfa.20210903.13
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 80
EP  - 86
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20210903.13
AB  - In the new era, Internal audit of Commercial Banks is facing more risk challenges, This paper analyze the difficulties and shortcomings encountered by internal audit in the process of innovation development, On the one hand, Internal audit function is facing unprecedented challenges, with arising business involvement and regional cooperation, cross-business and cross-region risks are growing even complex, the regulatory requirements turning much strict by enhancing comprehensive supervision on more penetrated aspects, together with the self strategic transformation of commercial bank. On the other hand, Internal audit encountered more difficulties, with limited information and communication from the regulators, talents needs to be improved both structurally and professionally, concepts and methods is on the urgent need of upgrading. This paper also explores the development direction and ideas of internal audit to actively respond to complex risks and regulatory changes, further clarifies the path of internal audit to promote innovative development in the future period, and realizes mutual promotion and effective integration of risk prevention and control with the function of internal audit by exploring more paths for internal audit to realize concurrent innovative development, finding more methods for self improvement in order to meet the fast development of banking business, building a strong mechanism for system standardization and team operation.
VL  - 9
IS  - 3
ER  -

Copy | Download

Author Information

Li Jinmao

Internal Audit Bureau, Industrial and Commercial Bank of China Headquarters, Beijing, China

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Li Jinmao. (2021). Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era. Journal of Finance and Accounting, 9(3), 80-86. https://doi.org/10.11648/j.jfa.20210903.13

Copy | Download

ACS Style

Li Jinmao. Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era. J. Finance Account. 2021, 9(3), 80-86. doi: 10.11648/j.jfa.20210903.13

Copy | Download

AMA Style

Li Jinmao. Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era. J Finance Account. 2021;9(3):80-86. doi: 10.11648/j.jfa.20210903.13

Copy | Download

@article{10.11648/j.jfa.20210903.13,
  author = {Li Jinmao},
  title = {Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era},
  journal = {Journal of Finance and Accounting},
  volume = {9},
  number = {3},
  pages = {80-86},
  doi = {10.11648/j.jfa.20210903.13},
  url = {https://doi.org/10.11648/j.jfa.20210903.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20210903.13},
  abstract = {In the new era, Internal audit of Commercial Banks is facing more risk challenges, This paper analyze the difficulties and shortcomings encountered by internal audit in the process of innovation development, On the one hand, Internal audit function is facing unprecedented challenges, with arising business involvement and regional cooperation, cross-business and cross-region risks are growing even complex, the regulatory requirements turning much strict by enhancing comprehensive supervision on more penetrated aspects, together with the self strategic transformation of commercial bank. On the other hand, Internal audit encountered more difficulties, with limited information and communication from the regulators, talents needs to be improved both structurally and professionally, concepts and methods is on the urgent need of upgrading. This paper also explores the development direction and ideas of internal audit to actively respond to complex risks and regulatory changes, further clarifies the path of internal audit to promote innovative development in the future period, and realizes mutual promotion and effective integration of risk prevention and control with the function of internal audit by exploring more paths for internal audit to realize concurrent innovative development, finding more methods for self improvement in order to meet the fast development of banking business, building a strong mechanism for system standardization and team operation.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Innovative Thinking on Development of Internal Audit of Commercial Banks in the New Era
AU  - Li Jinmao
Y1  - 2021/05/26
PY  - 2021
N1  - https://doi.org/10.11648/j.jfa.20210903.13
DO  - 10.11648/j.jfa.20210903.13
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 80
EP  - 86
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20210903.13
AB  - In the new era, Internal audit of Commercial Banks is facing more risk challenges, This paper analyze the difficulties and shortcomings encountered by internal audit in the process of innovation development, On the one hand, Internal audit function is facing unprecedented challenges, with arising business involvement and regional cooperation, cross-business and cross-region risks are growing even complex, the regulatory requirements turning much strict by enhancing comprehensive supervision on more penetrated aspects, together with the self strategic transformation of commercial bank. On the other hand, Internal audit encountered more difficulties, with limited information and communication from the regulators, talents needs to be improved both structurally and professionally, concepts and methods is on the urgent need of upgrading. This paper also explores the development direction and ideas of internal audit to actively respond to complex risks and regulatory changes, further clarifies the path of internal audit to promote innovative development in the future period, and realizes mutual promotion and effective integration of risk prevention and control with the function of internal audit by exploring more paths for internal audit to realize concurrent innovative development, finding more methods for self improvement in order to meet the fast development of banking business, building a strong mechanism for system standardization and team operation.
VL  - 9
IS  - 3
ER  -

Copy | Download