Azad Aliyev, Audit Manager at KPMG in Azerbaijan, explores the key challenges shaping modern banking audit in his article published in Finansist journal. As financial institutions face increasingly complex risks, changing regulatory requirements and rapid technological developments, audit practices must continue to evolve. The article examines the complexities of credit risk assessment under IFRS 9, the growing role of data analytics and the importance of effective IT controls and cybersecurity. It also considers how evolving regulations and reporting standards influence audit procedures. Beyond technical expertise, auditors need professional scepticism, sound judgement and a strong understanding of the banking environment. As technology transforms audit processes, a risk-based approach remains essential to identifying areas that require closer attention. Read the full article to discover the key challenges and emerging priorities in banking audit.