Audit enhancement benefits supervision (2)  The need for high quality audits is growing and auditors must keep pace with the increasing complexity of the banking business and bank accounting. 4  BIS Review 56/2004  Identifying the substance of complex transactions, often tailored to meet unique customer or institutional needs, is not easy.
Neither is understanding the complex rules that have been developed on how to account for financial instruments. As much as auditors need to understand these developments, supervisors must also be in a position to appreciate the quality of their work so that we know how and how much to rely on it. 16.