Back in the day, we performed on site branch audits on a regular basis - including full cash counts, inventory of all items on hand... if they had it, we counted it. We've since gone to a system that pushes some of the responsibilities to the branch managers, with senior management requiring them to perform a self-certification periodically. We still go to the branches on occasion, but not nearly as often. We also do not perform as many procedures on site as we once did. We are considering more revisions, but we don't want to make the pendulum swing too far in the other direction.

Would anyone be willing to share how your branch audits have changed - do you still perform them, have you changed the frequency or procedures, etc? Just how important do you consider an on site branch audit today?

The branch audit as you are describing would depend on what is being performed at each branch. Clearly one of the most important items they have is cash. Which should be counted on a periodic basis by someone independent of the function.

wire transfer errors could be costly as well

Here we audit each location annually, unless circumstances warrant more frequently. We count all cash, check lobby and backroom signage and review logs to ensure they are completed correctly and that the dual control processes we have put in place are being followed.

Sounds like it is time to review your audit risk assessments.

We audit a branch location either every other year or every three years based on our risk assessment. Risk assessment is based upon # teller transactions processed and tellers overs/shorts. A branch may be moved up for auditing if they have a new branch manager.