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#2065217 - 02/22/16 03:13 PM Monthly Statement Audit/TIS
WDCA Offline
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Joined: Nov 2015
Posts: 85
I am wondering whether anyone performs monthly statement audits where manual calculations are used to check the interest posted on samples of customer's statements for all account types. This is used by our FI to help ensure no variance occurs and to check the rates applied to accounts.

This is a time consuming process so I am curious to know if anyone else performs these types of audits on a monthly basis?

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#2065358 - 02/22/16 08:08 PM Re: Monthly Statement Audit/TIS WDCA
rlcarey Online
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rlcarey
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Galveston, TX
Monthly?? I highly doubt it. Is it part of the periodic scheduled TISA audit, you bet.
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#2065368 - 02/22/16 08:29 PM Re: Monthly Statement Audit/TIS WDCA
WDCA Offline
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That is what I was hoping to hear from everyone.

Thanks!

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#2065369 - 02/22/16 08:30 PM Re: Monthly Statement Audit/TIS WDCA
edAudit Offline
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edAudit
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You are here
Past 3 banks as Randy stated
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#2065518 - 02/23/16 04:30 PM Re: Monthly Statement Audit/TIS WDCA
BuckDog Offline
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Tennessee
We get a report showing all interest bearing accounts showing the rates and review from it. This is part of a regular scheduled audit but we don't do it monthly.

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#2065932 - 02/25/16 12:03 AM Re: Monthly Statement Audit/TIS WDCA
RR Jen Offline
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RR Jen
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Running and riding everywhere ...
I agree, nothing is being done that frequently here or at my prior 2 banks. It's part of the annual audit as well as verified after any account type is changed.
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#2065986 - 02/25/16 02:59 PM Re: Monthly Statement Audit/TIS RR Jen
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Ditto again.....and no more than a sample of each type. I've also done the calc after a major core revision, just to make sure! But again, only one of each type. If the core is making the calc right on one account, you have to trust the core to do it a few thousand more times.

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#2072411 - 04/05/16 02:01 PM Re: Monthly Statement Audit/TIS WDCA
E.E.G.B Offline
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E.E.G.B
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the sandy shore
Agree with Randy and Cornfed Turtle (although I'd do maybe 2 or 3 instead of 1 statement, just in case that 1 is a one-off.) I've had several cases in which we caught problems just after a core revision or "upgrade". Definitely not a monthly exercise.
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#2072612 - 04/06/16 01:04 PM Re: Monthly Statement Audit/TIS E.E.G.B
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
I know this is off-topic, but did you get another "E" in your username?!?!?!?

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#2072625 - 04/06/16 02:24 PM Re: Monthly Statement Audit/TIS WDCA
E.E.G.B Offline
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the sandy shore
EEEEEEs for everyone! grin
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