Audit reports in banking are comprehensive assessments conducted by internal or external
auditors to evaluate the bank's financial records, processes, controls, and compliance with
regulatory requirements. These reports provide an overview of the bank's financial health,
identify any deficiencies or weaknesses in internal controls, and recommend corrective actions
where necessary. They cover various areas such as loan portfolios, deposit accounts, risk
management practices, anti-money laundering measures, and overall operational effectiveness.
Audit reports play a crucial role in ensuring transparency, accountability, and regulatory
compliance within the banking sector.