Let me preface this question by saying that I am not an auditor. My responsibilities are in security, fraud, and BSA compliance.
We are a $2 billion bank with close to 40 branches across 2 states. Currently, the bank conducts random branch audits at each branch at least every year. This audit includes counting teller, vault, and ATM cash along with completing an audit questionnaire with the branch manager.
These audits are conducted by our four regional branch administrators, they audit the branches in their region. My two assistants assist during the audit in the cash counting process but that is their only involvement.
I am curious as to what other banks do as far as branch audits. We have considered outsourcing the process to regional third party auditing firms to gain some independence to the audit.
Another thought was to have the regional administrators utilize staff from their region to assist in the annual audits.
In addition to the random branch audits, each branch manager does a surprise cash audit of teller and vault cash on a quarterly basis.
Any information as to how other banks are addressing this process would be appreciated.
I admit that my main motivation is to recover the hours that my two assistants spend on the road counting cash. Eight of our branches are a 10 hour round trip drive from our main office and several more are 6 hour round trips.
_________________________
Knowledge is knowing what to say. Wisdom is knowing when to say it.