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#1618112 - 10/20/11 03:42 PM Required Annual Audits
rescue me Offline
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rescue me
Joined: Feb 2007
Posts: 102
Does anyone know where I can find the "required" annual audits for a bank? I know that BSA and ACH are required, but I need a list of others that are required.

Thank you for any help!

Rescue me

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Audit
#1618265 - 10/20/11 06:07 PM Re: Required Annual Audits rescue me
'Lil Freak! Offline
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'Lil Freak!
Joined: Sep 2005
Posts: 10,595
The psych ward
SAFE Act
Identity Theft Prevention (more of an annual report to the Board)
Safeguarding Customer Information (another annual report to the Board)
_________________________
No, I didn't lose my mind. It got scared and ran away.

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#1618271 - 10/20/11 06:14 PM Re: Required Annual Audits 'Lil Freak!
rescue me Offline
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rescue me
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Posts: 102
Thanks 'Lil Freak! I have those on my list as well.

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#1619976 - 10/25/11 10:28 PM Re: Required Annual Audits rescue me
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
Internal audit plans should be based on risk assessments. For us, high risk areas are audited annually, moderate risk areas are audited every 2 years and low risk areas are audited every 3 years.

However, there are certain areas that examiners, external auditors, or your Board/Audit Committee may expect to be performed annually, regardless of your risk assessments.

Areas we audit annually, regardless or risk assessments, to make our examiners (FDIC) happy include: ACH (for NACHA compliance), BSA, Flood, Reg O, Fair Lending, SAFE Act, GLBA & Reg P, Trust and Reg R.

To keep our external auditors happy (different external auditors have different expectations): 401(k), year-end balance sheet audit, investments, loan & deposit confirmations.

To keep our audit committee happy (varies by bank): allowance for loan losses, employee accounts, expense reports, payroll & benefits.

To my knowledge, the only areas that MUST be audited annually is ACH (by December 1st) and SAFE Act.

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