Economics · Bank Audit

Consider the following statements regarding bank audits: Statement 1: A statutory auditor is required to verify the cash balance of at least 10 percent of the total branches of the bank as of the balance sheet date to ensure the physical existence of the assets reported. Statement 2: The system of Internal Audit in a bank is a continuous process conducted by the bank's own staff or external firms to provide an independent appraisal of the accounting and internal control systems. Statement 3: The RBI has mandated that banks move towards a continuous audit environment for their high-value corporate accounts using automated tools to detect fund diversion in real-time. Based on the statements above, identify the correct analysis.