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#1040710 - 09/11/08 10:58 PM Bank Trust Audit
Banker27 Offline
100 Club
Joined: Nov 2007
Posts: 114
Does anyone have ideas on what to include in the scope of a Bank Trust audit?

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Audit
#1040733 - 09/12/08 01:31 AM Re: Bank Trust Audit Banker27
Dazed and Confused Offline
Gold Star
Dazed and Confused
Joined: Feb 2006
Posts: 250
Big XII South
Appendix B of the FDIC's Trust Exam Manual would be a good place to start:

http://www.fdic.gov/regulations/examinations/trustmanual/index.html

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#1041629 - 09/13/08 12:52 AM Re: Bank Trust Audit Dazed and Confused
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
Objectives and Scope
The Audit Department performed an audit of the Trust Department as of December 31, 2007. Our audit was conducted in accordance with the International Standards for the Professional Practice of Internal Auditing. The objectives of the audit were to understand, document and evaluate risks and related internal controls for significant processes within the Trust Department.

Significant procedures included identification and documentation of key processes, risks, and related internal controls, and the following key testing procedures:

All assets turned over to the Trust Department are properly recorded and controlled.
Responsibilities of the Trust Department fixed by law and/or as agreed by contracts are properly executed on a timely basis. This includes investment and reinvestment of trust assets, collection of income and principal, payment of expenses, and distribution of income and principal.
Appropriate fees and commissions have been collected and recorded on a timely basis.
Records are adequate to establish proper accounting.
Adequate internal check and control procedures are in operation and adequate IT controls are in place (e.g. obtain a Type II SAS 70 from 3rd party vendors).
Last edited by DerrickAuditor; 09/13/08 12:54 AM.
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#1043270 - 09/16/08 06:05 PM Re: Bank Trust Audit DerrickAuditor
Banker27 Offline
100 Club
Joined: Nov 2007
Posts: 114
Thanks for the ideas!

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