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#1606163 - 09/20/11 07:22 PM Deposit Operations Audit(s)
esks Offline
Junior Member
Joined: Jul 2011
Posts: 43
Willie still loves razor bacon...
Newbie here with another question... smirk

It seems that there is so much to audit in a Deposit Operations Department.

How does everyone go about their audits? Do you do one giant audit and report covering everything, or do you break it up into smaller topics? (I.E. Returned Mail, Dormant Accounts, etc.)
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#1606231 - 09/20/11 08:36 PM Re: Deposit Operations Audit(s) esks
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,402
Those type of items are reviewed in Deposit Operations.

Send me a pm and I might be able to help.

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#1606239 - 09/20/11 08:42 PM Re: Deposit Operations Audit(s) esks
Rocky P Online
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Joined: Jun 2003
Posts: 7,424
Florida
That depends on time, talent and size and the operation's complexity.

Many audits I've been involved with, audit functions, and it is easier if there were separate projects - audit by reviewing and ensuring the adequacy of the policies, then procedures to determine if they cover what the policy says, then audit the department's compliance with the procedures. You can give an assessment of the processes, controls and effectiveness of both at that point. It's also easier to track progress. Make sure you look at how updates to regulations are being addressed.

The ultimate decision rests with the Audit Committee - they should be calling the shots.
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#1608158 - 09/23/11 07:32 PM Re: Deposit Operations Audit(s) Rocky P
jim mathews Offline
Member
Joined: Feb 2008
Posts: 52
Brighton Co
Please send me an email and I would be glad to share a copy of our branch audit worksheet.
jmathews@valleybankandtrust.com

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#1608252 - 09/23/11 09:00 PM Re: Deposit Operations Audit(s) jim mathews
auditangel Offline
Member
Joined: Dec 2009
Posts: 63
My experience has been to break these into smaller audits, as it provides the benefits described Southern Banker. It has worked well for me.
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#1608878 - 09/26/11 08:27 PM Re: Deposit Operations Audit(s) auditangel
madukes Offline
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madukes
Joined: Jul 2009
Posts: 1,448
Flyers Country
ours are broken out and done individually (i.e. return deposits, nsf, ach, wires - each area is audited separately

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#1609115 - 09/27/11 02:14 PM Re: Deposit Operations Audit(s) madukes
esks Offline
Junior Member
Joined: Jul 2011
Posts: 43
Willie still loves razor bacon...
Thanks everybody. I've got the work programs, I just wasn't for sure how to go about them!

Thanks again!
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#1610611 - 09/29/11 04:19 PM Re: Deposit Operations Audit(s) esks
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
esks: For me, it comes down to risk assessment. There are a few areas of deposit operations that are broken out as individual audits (due to the risk score or the intended scope) but there are a variety of things that we lump together including returned mail, maintenance and dormant accounts. Some things are small, low risk and naturally fit together.

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#1611507 - 09/30/11 10:58 PM Re: Deposit Operations Audit(s) Cornfed Turtle
Justin Wesson Offline
Member
Joined: Jun 2008
Posts: 83
esks: I have been wondering somthing similar...We have traditionally performed two engagements to cover most of the aphabet soup, one for deposit operations regs, and one for lending. I am wondering if anyone has had them done in one combined project, either internally or externally.
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