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#2051622 - 11/30/15 03:29 PM Required Audits
banker123 Offline
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Joined: Jul 2015
Posts: 8
I am looking for feedback on required annual audits. Is a liquidity risk review required annually?

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Audit
#2051632 - 11/30/15 03:56 PM Re: Required Audits banker123
osucpa Offline
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Joined: May 2011
Posts: 1,395
Nope. From an Internal Audit side, the only required annual Audit would be ACH. All others on a risk based approach.

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#2051642 - 11/30/15 04:12 PM Re: Required Audits banker123
banker123 Offline
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Joined: Jul 2015
Posts: 8
Thank you

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#2051700 - 11/30/15 08:42 PM Re: Required Audits banker123
RR Jen Offline
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RR Jen
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Running and riding everywhere ...
Doesn't BSA have an annual requirement? Or is it just high enough risk it always ends up there for me?

Check your policies statebank...you may have some requirements in there that you weren't aware of. I asked all managers to change their policy language to something a bit more generic such as:

The internal audit staff will conduct an audit of the XYZ Policy in which the frequency will be determined by the internal audit risk assessment and internal audit program which are compiled on an annual basis.
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#2051767 - 12/01/15 02:42 PM Re: Required Audits banker123
DEL Offline
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Joined: Oct 2002
Posts: 730
Maine
I believe BSA is required annually. For independence purposes ours is outsourced.

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#2051768 - 12/01/15 02:45 PM Re: Required Audits banker123
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
I think BSA is required to.

Doesn't the SAFE Act require an annual audit?

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#2051819 - 12/01/15 05:05 PM Re: Required Audits banker123
JustMe! Offline
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Joined: Oct 2005
Posts: 428
wishful thinking ...
BSA is every 18 months.
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#2051833 - 12/01/15 05:39 PM Re: Required Audits ahkcompliance
Cornfed Turtle Offline
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Originally Posted By ahkcompliance


Doesn't the SAFE Act require an annual audit?


Annual independent testing of the policies and procedures for assuring compliance with the SAFE Act.

Of all of the things I audit, I love that this report is always first on the request list.

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#2089502 - 07/22/16 05:30 PM Re: Required Audits banker123
MTW75 Offline
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Joined: Apr 2007
Posts: 64
Lexington, Kentucky
I believe audits of Trust Departments are required annually as well.
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#2090690 - 07/29/16 06:17 PM Re: Required Audits banker123
trout22 Offline
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Joined: Nov 2004
Posts: 313
Not to get too far off topic here, but if you are registered with Medallion STAMP, one of their requirements for participation is an annual audit.

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#2090938 - 08/01/16 07:49 PM Re: Required Audits banker123
happyauditor Offline
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happyauditor
Joined: Nov 2004
Posts: 804
NY
BSA is recommended 12 to 18 months...if you are a larger FI or have higher risk characteristics (whether that be geography, product and service type, customer base), you would probably be criticized by your examiner if it was not annual.
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