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#1216072 - 07/10/09 08:50 PM Wire transfer audit timing
COMPLIcated Offline
Diamond Poster
Joined: Mar 2003
Posts: 1,035
OK
I know with BSA the annual audit has a 15 month window but is there any stipulation for wire transfer audit? We do it annually but for example last year we did it in July and this year it's scheduled for November.

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#1216182 - 07/10/09 10:57 PM Re: Wire transfer audit timing COMPLIcated
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
There is no stipulated 15-month window on a BSA audit. Frequency of audits are derived from your risk assessments (except the annual ACH audit which has a November deadline).
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#1229347 - 08/07/09 04:25 PM Re: Wire transfer audit timing rlcarey
MTW75 Offline
Member
Joined: Apr 2007
Posts: 64
Lexington, Kentucky
Our firm recommends a Wire Transfer audit once per calendar year due to the inherent risk in the function. Obviously, it wouldn't make sense to do one in November of year 1 and then in February of year 2. I don't have a problem with your scheduling.
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