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#2246236 - 12/07/20 07:03 PM FDICIA Business Account Source Documents
Compliance516 Offline
Junior Member
Joined: Aug 2016
Posts: 44
I'm curious as to what other FIs are using as their FDICIA source document for business accounts when checking back the information on the account to the system. Thanks!

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Audit
#2246263 - 12/08/20 12:44 PM Re: FDICIA Business Account Source Documents Compliance516
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,215
Galveston, TX
First, I am not sure I understand what a FDICIA source document for business accounts would be in the first place. FDICIA compliance is based on internal risk assessments of critical functions and then the establishment of proper controls. So, it might depend on the risk and the mitigation factors you have identified.

If you just mean - is this business who they say they are, then that would be based on entity documents that can be confirmed as filed with the State.
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#2246264 - 12/08/20 12:51 PM Re: FDICIA Business Account Source Documents Compliance516
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,398
Remember FDICIA are management's controls, the job of audit is to test to determine if the controls are properly working.

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