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#1308274 - 12/17/09 04:37 PM Branch Audits
pookiesgirl Offline
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Joined: Jun 2004
Posts: 29
New York State
I am in the audit department of a large bank. Curious to know what, if any, audit of branches other banks are doing. We do have a branch operations function that performs periodic assessments of branches (basically the same steps that we would do in audit). I'm thinking that we should review the results of those reviews (for for adequacy of steps performed as well for issues noted at the branch), since really that is the control. Thoughts?

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#1308304 - 12/17/09 04:56 PM Re: Branch Audits pookiesgirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,353
Galveston, TX
Many banks that I know of (including my own when managing the audit department)have a similar system and they might actually pick several branches to visit to validate the internal reviews along with reviewing the overall results. The days of annual audits at each branch is long gone.
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#1308983 - 12/18/09 01:35 PM Re: Branch Audits rlcarey
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Living in the land of Oz
Not at our bank. I do an audit of each branch every year. Our Audit Committee feels that it is a good idea for them to know that someone is checking on them. We are a small comunity bank with 10 branches so it isn't that difficult. Risk wise, I know this is not where the greatest risk is, but we had a nearby bank lose several hundred thousand dollars because no one ever went to the branch or looked at the operations there.

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#1308985 - 12/18/09 01:38 PM Re: Branch Audits Ready to Retire
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
If you haven't implemented some sort of internal controls at the branches as described above, then you are probably relegated to such a chore. Did you ever ask the "nearby bank" if they audited their branches regularly?
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#1309000 - 12/18/09 01:58 PM Re: Branch Audits rlcarey
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Living in the land of Oz
They did not. No one had been in the branch in years.

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#1310847 - 12/21/09 09:58 PM Re: Branch Audits Ready to Retire
msboo Offline
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Joined: May 2006
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I audit for a small community bank, I also do annual branch audits, as well as follow-up on any findings.

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#1315246 - 12/30/09 04:03 PM Re: Branch Audits msboo
DerrickAuditor Offline
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Joined: Mar 2008
Posts: 91
USA
We have 30 branches and audit them based on risk. High risk branches (none currently) are audited annually, moderate risk branches (some) are audited every two years and low risk branches (most) are audited every 3 years.

Otherwise, we rely on someone in branch operations who does nothing but surprise cash counts and smaller versions our our comprehensive audits at all branches quarterly for high and moderate risk branches and semi-annually for low risk branches.

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