Skip to content
BOL Conferences
Thread Options
#2044863 - 10/19/15 03:51 PM Loan Operations Audit
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,110
South
I am conducting a loan ops audit. In the past we always recalculated interest income. I went to a recent school and the instructor indicated that if we have the SAS70 from our core provider (FIS in my case) that we would not have to recalculate given the passing grade of the provider from its auditor.

Do others subscribe to this methodology???
Last edited by beegee; 10/19/15 03:55 PM.
Return to Top
Audit
#2044886 - 10/19/15 05:31 PM Re: Loan Operations Audit beegee
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,406
Not to be picky but it is not called a SAS 70 any more. The correct report is SSAE 16. I could go either way on the recalculation of accrued interest. We still test it in our deposit and loan operational audits, especially if we find an account with unique terms. Even with this, our sample size is small (such as 5). I would think it would relate more to your audit plan than what some instructor was saying.

Return to Top
#2044910 - 10/19/15 06:25 PM Re: Loan Operations Audit beegee
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,110
South
Thanks osucpa!

Return to Top
#2045068 - 10/20/15 12:58 PM Re: Loan Operations Audit beegee
edAudit Offline
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,796
You are here
If the core resides on you server there is no other way to determine if the rates are calculating correctly. There could be an issue on your core that you would not be aware of (very slim chance)
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top

Moderator:  Andy_Z