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#2247647 - 01/13/21 11:21 PM Compliance/Audit Schedule
Rachel G. Offline
Joined: Oct 2020
Posts: 54
Would anyone be willing to share your list of internal/external audits? We are $250M and I am new. We are auditing wires and RDC annually. At my last shop, we didn't audit our wires... we could have been wrong but I am curious about what other's are doing?
How are you auditing your deposit compliance?
What about internal controls? It seems to me that the branch audits would cover this...
We are also 'auditing' social media quarterly... what are you doing here?
I am used to regular reviews rather than a large annual audit. For example, new account audits. I would review them regularly (quarterly-puling accounts at random) and that was that. The examiner would come and do their thing and we were good.


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#2247651 - 01/14/21 11:50 AM Re: Compliance/Audit Schedule Rachel G.
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 80,827
Galveston, TX
Since all banks are different, I would suggest that you start with a risk assessment and work from there as to what and at what level areas of the bank will require audits.
The opinions expressed here should not be construed to be those of my employer:

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#2247662 - 01/14/21 03:00 PM Re: Compliance/Audit Schedule Rachel G.
Rachel G. Offline
Joined: Oct 2020
Posts: 54
Thanks, good point.

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#2247880 - 01/20/21 05:53 PM Re: Compliance/Audit Schedule Rachel G.
ACBbank Offline
Power Poster
Joined: Jul 2006
Posts: 4,253
New York City
Any audit cycle I've been a part of starts with an audit risk assessment of the auditable BUs. This determines the schedule, auditable hours, BU risk rating, etc.
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#2252459 - 04/16/21 01:01 PM Re: Compliance/Audit Schedule Rachel G.
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,476
Besides the regulations, in the assessment, make sure prior issues, examiner, audit, legal, are considered, and keep the audit committee involved for direction.
Integrity. With it, nothing else matters. Without it, nothing else matters.

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#2254088 - 05/18/21 10:34 PM Re: Compliance/Audit Schedule Rachel G.
TryingtoComply Offline
Diamond Poster
Joined: Apr 2013
Posts: 2,048
The West
In response to your question about "how" are you doing your audits. Consider using your primary regulator's exam manual.

Identify all of the regulations that apply to your bank and then risk rate them. Frequency of the audit/review should be based on risk. For example, high risk every 12 months, medium every 18 and low every 24 months.

Read your primary regulator's or the CFPBs examination manuals. They are a great resource.

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#2254118 - 05/19/21 05:27 PM Re: Compliance/Audit Schedule Rachel G.
edAudit Offline
Power Poster
Joined: Jul 2008
Posts: 4,785
You are here
Sorry another vote for Risk Assessment
Opinions can be considered as coming from anywhere but my employer.


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