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#24157 - 07/17/02 05:19 PM Audit Reporting Frequency
Anonymous
Unregistered

I am the compliance officer for a small bank and report to a committee of the Board. I am interested in finding out what the reporting frequency is in other banks. I am currently reporting to the committee quarterly. Thanks for your response.

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Audit
#24158 - 07/17/02 05:52 PM Re: Audit Reporting Frequency
Lu Offline
Platinum Poster
Joined: Apr 2002
Posts: 597
I report to the Board quarterly on compliance and audit.
_________________________
"If you only laugh and enjoy life when your problems are all solved, you'll never enjoy life."

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#24159 - 07/17/02 06:16 PM Re: Audit Reporting Frequency
LinMarie Offline
100 Club
LinMarie
Joined: Nov 2001
Posts: 243
I report to the board monthly.

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#24160 - 07/17/02 06:48 PM Re: Audit Reporting Frequency
Anonymous
Unregistered

I report to the Audit Committee quarterly.

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#24161 - 07/17/02 07:16 PM Re: Audit Reporting Frequency
NancyF Offline
100 Club
NancyF
Joined: Dec 2001
Posts: 173
PA
I prepare a written report to the Board monthly on audit & compliance activities.

I meet with the audit committee quarterly to review completed audits and discuss any other issues.

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#24162 - 07/17/02 07:17 PM Re: Audit Reporting Frequency
Betsy Offline
100 Club
Betsy
Joined: Aug 2001
Posts: 105
Minnesota
I report to the BOD Audit Committee quarterly for audit and compliance.

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#24163 - 07/17/02 07:21 PM Re: Audit Reporting Frequency
Anonymous
Unregistered

I report to the Audit Committee quarterly, or as needed if a situation requiring immediate attention comes up. Also have the authority to meet with the entire Board...

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#24164 - 07/17/02 08:26 PM Re: Audit Reporting Frequency
Anonymous
Unregistered

I report quarterly audit and compliance to Audit/Compliane & Security Committee of the Board (just had our meeting this morning ironically).

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#24165 - 07/17/02 09:38 PM Re: Audit Reporting Frequency
NotALawyer Offline
Gold Star
NotALawyer
Joined: Nov 2001
Posts: 455
I attend each BOD audit committee meeting and present reports and projects since the prior meeting (I wear both the auditor and compliance officer hats.)

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#24166 - 07/17/02 10:15 PM Re: Audit Reporting Frequency
downstown Offline
Gold Star
Joined: Aug 2001
Posts: 295
St. Louis, MO
We report to the Board monthly and to the Audit Committee quarterly.

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#24167 - 07/18/02 04:29 PM Re: Audit Reporting Frequency
D C Offline
Junior Member
D C
Joined: Feb 2002
Posts: 43
We provide a written report to the Audit committee following each audit and meet with the Audit committee each quarter.

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#24168 - 07/18/02 08:48 PM Re: Audit Reporting Frequency
Tberry Offline
Member
Tberry
Joined: Mar 2002
Posts: 84
Kansas
I make a detailed report of both compliance and internal audit to the committee and a less detailed report to the board, both quarterly.

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#24169 - 07/18/02 09:51 PM Re: Audit Reporting Frequency
Maria Offline
Platinum Poster
Joined: Apr 2001
Posts: 502
Sylacauga, Al, United States
I report to the Audit Committee quarterly for both audit and compliance. I am permitted to request a more frequent meeting if an issue arises.

I like not having to prepare more frequently than quarterly for meetings, but to be honest, I think they should be more frequently. There appears to be so much to cover and I know they like the meeting to last not much more than an hour so it is difficult to be as thorough as I think it should be. Of course this is my own opinion.

Opinions are mine not my employer.

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#24170 - 07/19/02 02:38 AM Re: Audit Reporting Frequency
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
We have compliance and audit as two separate functions (i.e., different individuals) but both report to the board monthly and the audit committee quarterly.
_________________________
--A bad day at sea is better than a good day at work.

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#24171 - 07/19/02 05:09 PM Re: Audit Reporting Frequency
DawgFan Offline
Diamond Poster
DawgFan
Joined: Jul 2002
Posts: 1,678
United States
I compile an audit and compliance report monthly., I meet with the audit committee quarterly
_________________________
Opinions expressed are solely my own.

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#24172 - 07/19/02 06:16 PM Re: Audit Reporting Frequency
Michelle D Offline
Gold Star
Michelle D
Joined: Oct 2001
Posts: 313
Terminator Country
I'm both audit and compliance. Our AC meets quarterly and I present audits and a compliance summary at that time. We used to distribute audits monthly but meet quarterly, but the AC kept wanting to discuss those issue at the BOD meeting and that wasn't working, so we distribute quarterly now. If there is something that requires immediate attention, I can contact the AC Chair and request a special meeting.
_________________________
The opinions are mine and do not necessarily reflect those of my employer.

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#24173 - 07/19/02 09:21 PM Re: Audit Reporting Frequency
Lu Offline
Platinum Poster
Joined: Apr 2002
Posts: 597
I report brief summaries to the board of my audits. Do you give the original audit reports or a summary of all?
_________________________
"If you only laugh and enjoy life when your problems are all solved, you'll never enjoy life."

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#24174 - 07/19/02 09:53 PM Re: Audit Reporting Frequency
Michelle D Offline
Gold Star
Michelle D
Joined: Oct 2001
Posts: 313
Terminator Country
It's a modified version of the audit report. It identifies scope, rating and all high and moderate risk findings with management responses. Low risk items don't go to the AC, however they are monitored for completion through internal audit.
_________________________
The opinions are mine and do not necessarily reflect those of my employer.

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#24175 - 07/22/02 03:48 PM Re: Audit Reporting Frequency
Baylor Dad Offline
New Poster
Baylor Dad
Joined: Oct 2000
Posts: 21
Texas
I meet with and report to the Audit Committee on a monthly basis, prior to the Board meeting. My reports and Management responses are sent to them monthly for their review prior to the meeting. The Audit Committee then makes a report to the Board each month about my Audit activities.

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#24176 - 07/26/02 04:27 PM Re: Audit Reporting Frequency
Anonymous
Unregistered

I also report monthly to the board.

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#24177 - 07/26/02 04:55 PM Re: Audit Reporting Frequency
Miss Kitty Offline
Platinum Poster
Joined: Mar 2002
Posts: 721
California
I report to the Board's Risk Management/Audit Committee quarterly for Audit/CRA/Compliance .

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