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#1649715 - 01/11/12 04:36 PM Annual Audit
rachelchri Offline
100 Club

Registered: 08/31/10
Posts: 142
I am set up on the Registry as an Administrator for our Bank. I am also the internal auditor. Am I able to do the SAFE Act Audit? I read somewhere that the audit must be independent. Does that mean a registered MLO couldn't do the audit? (i'm not, by the way)

HELP!! :S

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#1649775 - 01/11/12 06:10 PM Re: Annual Audit [Re: rachelchri]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 49440
Loc: Galveston, TX
Well, you definitely aren't independent.
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The opinions expressed are my own, take them or leave them.

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#1650454 - 01/12/12 04:00 PM Re: Annual Audit [Re: rachelchri]
rachelchri Offline
100 Club

Registered: 08/31/10
Posts: 142
hmmm. That's what I figured. Thanks!

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#1651578 - 01/17/12 12:10 PM Re: Annual Audit [Re: rachelchri]
Irishguy Online
Gold Star

Registered: 08/20/08
Posts: 444
Loc: Kentucky
I think you could do the audit if you passed off your duties as administrator. Many banks have given that function to their HR person or possibly their compliance person.

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#1651587 - 01/17/12 12:07 PM Re: Annual Audit [Re: rachelchri]
Matt_B Online
Diamond Poster

Registered: 09/06/11
Posts: 1296
Loc: A CU, Where Regs Don't Apply
We have myself (compliance) and head of HR as administrators, with the audit done by IA. Unless you're a very small outfit, your setup wouldn't be considered sufficient. Easiest would probably be to pass off the admin responsibility to someone else, depending on how involved your second administrator is and if they would be able to handle it.
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#1689245 - 04/16/12 05:11 PM Re: Annual Audit [Re: rachelchri]
Help!!! Offline
Junior Member

Registered: 08/02/11
Posts: 45
Loc: Arkansas
I am looking for some guidance on how to conduct the required annual test to insure we are in compliance with Safe Act independent testing. Anyone have any audit sheet they would like to share?

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#1697084 - 05/08/12 03:38 PM Re: Annual Audit [Re: Help!!!]
DoS Online
100 Club

Registered: 04/24/12
Posts: 103
I used the OCC Handbook to set up a short spreadsheet. There is a SAFE Act worksheet at the end of the handbook that works nicely.

http://www.occ.treas.gov/publications/pu...-procedures.pdf
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