Does anyone audit a list of CD info? I am being sent a report that has the certificate number, amount, rate, term, open date, and maturity date. I am supposed to reivew it, but I don't know what to look for. Does anyone review a report similar to this, and if so, what are you looking for?

Thanks!

The only thing that I have ever used a report similar to that for is to create a maturity schedule. I don't know what you would be looking for just to "review" it, though.

The bookkeeping supervisor used to get a trial balance of time deposits, but I think it went automatically to the archive file.

You could also use the list to periodically est Reg DD notices, APYs, etc. I don't know why you would need one on a regular basis. I would pull as needed. Maybe it's one of those "we've also done it" issues.

One thing you want to do is track non-auto-renew CDs to see what happens after maturity. Hopefully, you have a separate report to identify these that have not been redeemed by account owners.

One CD test I do is get all CDs with rates that fall under X% (that's seems to generate a larger population due to rates lately) and above X% and investigate any that fall outside those parameters.

What are you investigating if the rates do fall out of those parameters? Is this a sign of something bad?

I think this might be a function of "we have always done this" and unfortunately the previous auditor is not here to shed any light. I do review the rates to make sure they make sense for the time period (2007/2008 were much higher rates).

What should I be looking for on the CDs that did not have auto renewals? That they were taken care of?

And thank you all for answering my questions!

Rates that fall out of the parameters could be something bad, or could just be an error. Was the rate entered incorrectly when it was created, or did someone go in and change the rate? Are there a lot of errors, or just a few? Random personnel responsible, or always the same one? These are just a few I could think of. The answers will let you know if you need to investigate more, and if you have a problem on your hands.

As for non-automatic renewels, I've never dealt with these. But I would suggest looking at the procedures to determine what is supposed to be done. Is an official check cut with the proceeds mailed to the depositor? Do the funds stay on deposit at 0% interest? What if the funds are never claimed? Are they escheated?

Good Luck!