Thread Options
#1506755 - 02/08/11 07:19 PM Compliance and Audit Committee
comp123 Offline
Member
Joined: Jan 2009
Posts: 75
For the banks that have different audit and compliance departments, is the audit committee also responsible for approving compliance policies and reviewing compliance reviews (smaller internal reviews that are done seperate from internal audit compliance reviews).

Return to Top
Audit
#1507071 - 02/09/11 01:58 PM Re: Compliance and Audit Committee comp123
CEK Offline
Junior Member
Joined: Jul 2009
Posts: 34
GA
The following url will take you to all you ever wanted to know about internal auditing from a regulatory viewpoint. It discusses Audit Committee's best practice which includes "Review and approve annual Compliance Plan". http://www.stlouisfed.org/col/courses/tool/start/start.cfm?m=020&l=02&s=2.htm#s2
_________________________
FICSAS is a Sponsor of BOL

Contact me as follows:
Email: cknowles@ficsas.com
Phone: 770-403-3095

Return to Top
#1507338 - 02/09/11 05:25 PM Re: Compliance and Audit Committee CEK
RR Jen Offline
Power Poster
RR Jen
Joined: May 2003
Posts: 3,759
Running and riding everywhere ...
comp123...yes, our audit committee approves the compliance policy and reviews information from the compliance officer. The CO provides them with a quarterly update of her activities.
_________________________
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

Return to Top
#1507411 - 02/09/11 06:12 PM Re: Compliance and Audit Committee RR Jen
K8T Offline
100 Club
K8T
Joined: Sep 2003
Posts: 196
I have fallen down the rabbit ...
Our Audit Committee reviews all Complinace reviews and Internal Audit reports- as well as Compliance Policies, and other non-compliance Policies. Keep in mind, the Compliance Committe first reviews all Compliance related policies (management committee) before they are approved at the Audit Committee (board committee)
hope this helps-
_________________________
Some days, it is all a mystery to me.

Return to Top
#1507601 - 02/09/11 07:53 PM Re: Compliance and Audit Committee K8T
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
Yes, our audit committee reviews/approves key compliance quarterly reports (SARs, compliance reviews, etc.) key policies, and key compliance risk assessments (BSA, OFAC, Red Flags, etc.).

Return to Top
#1514344 - 02/24/11 08:13 PM Re: Compliance and Audit Committee DerrickAuditor
Lilly C Offline
100 Club
Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
Same here, Ou raudit committee reviews and approves compliancea and any audit policies for the bank.

Return to Top

Moderator:  Andy_Z