Bank audit refers to the procedures for evaluating the services and processes in banks and other financial institutions. All financial firms need to undergo this routine procedure to ensure that they are complying with the industry-specific as well as jurisdictional laws and regulations. Bank audits are conducted by specialist accountants known as bank auditors that focus on the completeness, accuracy and legitimacy of the financial activities. Although many banks and financial institutions find the audits a dreaded and strenuous experience, periodic audits are essential to ensure that the institute is fully in compliance with the regulations and is operating with high efficiency. Considering the significance of such audits, it’s important for an auditor to have a checklist for bank audits and use it as a tool to test and evaluate the processes. It also helps the auditor to ensure compliance with the laws and regulations of U.S. Securities and Exchange Commission (SEC) and International Financial Reporting Standards (IFRS).