Bankers Threads
Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network

Learn more about


Have a Question?
Looking for a
Product or

Our Vendor
Advisory Board

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

Registered: 08/31/10
Posts: 154
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)


S.A.F.E. Act Forum
#1649775 - 01/11/12 06:10 PM Re: Annual Audit [Re: rachelchri]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 53589
Loc: Galveston, TX
Well, you definitely aren't independent.
The opinions expressed are my own, take them or leave them.

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

Registered: 08/31/10
Posts: 154
hmmm. That's what I figured. Thanks!

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

Registered: 08/20/08
Posts: 462
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.

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

Registered: 09/06/11
Posts: 1506
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.
Someone's about to get horned!

#1689245 - 04/16/12 05:11 PM Re: Annual Audit [Re: rachelchri]
Help!!! Offline
Junior Member

Registered: 08/02/11
Posts: 48
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?

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

Registered: 04/24/12
Posts: 153
Loc: one state over
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.
You better learn to dance in the rain, instead of wait for the sun.
- Megadeth "Dance in the rain"


Moderator:  Andy Z, John Burnett