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#1968648 - 10/09/14 10:14 PM Not covered by my audits
osoalone Offline
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Joined: Dec 2003
Posts: 146
Texas
Sometimes I encounter an instance that does not fall under any of the audits I perform at my bank. Usually, it's nothing major but I feel it needs to be addressed and documented. How do you handle/document these instances?

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#1968678 - 10/10/14 12:35 PM Re: Not covered by my audits osoalone
osucpa Offline
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Joined: May 2011
Posts: 1,400
I assume you take a risk based audit approach. These things you are talking about should be on the low end of the sprectrum. You will not cover or identify every issue a bank may have. Management needs to understand this. If I discover an issue during an audit not related to the audit I am working on, I present it to management as an FYI issue.

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#1968798 - 10/10/14 04:06 PM Re: Not covered by my audits osoalone
osoalone Offline
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Joined: Dec 2003
Posts: 146
Texas
I feel it needs to be documented so I'm thinking an email to management with a response will be sufficient.

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#1968907 - 10/10/14 06:46 PM Re: Not covered by my audits osoalone
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,761
You are here
not knowing your structure and the level of the issues it would be difficult to advise. Here if the issue is part of the review we just adjust the audit program to include the issue if it was important enough or we could write out as a workpaper comment if low severity. Other issues can be saved for the appropriate review. Some items are e-mailed to the appropriate Sr level manager if that was deemed appropriate(and noted in current review).
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#1968950 - 10/10/14 07:46 PM Re: Not covered by my audits osoalone
kiemo Offline
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kiemo
Joined: Jan 2009
Posts: 267
MidUS
Another consideration is to have quarterly operations audits. They are smaller but we feel can include just about anything that comes up outside of formal audit findings. There is a basic structure to them and includes frontline related issues, customer service concerns, security concerns, regulatory head's up. Really anything that has created increased risk(s) to the bank, where it is more appropriate to elevate the info to management and the audit committee's attention in a timely manner is game for quarterly audit content.

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#1968978 - 10/10/14 08:40 PM Re: Not covered by my audits kiemo
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
Thank you all! Your responses have been very helpful.

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