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#302378 - 01/11/05 10:31 PM
Call Report Audit
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Member
Joined: Apr 2003
Posts: 79
southeast
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Does anyone have an audit program for the call report that they would be willing to share?
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#302379 - 01/11/05 11:24 PM
Re: Call Report Audit
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10K Club
Joined: Nov 2003
Posts: 12,846
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why not use the call report instructions?
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#302380 - 01/12/05 01:49 PM
Re: Call Report Audit
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Anonymous
Unregistered
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We use call report instructions for our audit.
I want to hijack this thread and ask about frequency of call report reviews. We currently do an annual audit, but our outside CPA firm is recommending quarterly reviews before the call report is filed. Our CEO is wanting the Audit Committee to decide whether we should do quarterly reviews. Is there a requirement to do quarterly reviews? I want accurate information before our next Audit Committee meeting. Thanks for any assistance.
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#302381 - 01/12/05 02:46 PM
Re: Call Report Audit
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10K Club
Joined: Nov 2003
Posts: 12,846
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I have never reviewed the call report, except to the extent that I knew errors found elsewhere were going to cause an error in the report data.
If you don't have a review process in the accounting area, or if your people in that area are relatively new, a review may be useful. But as often as our examiners look at it, I don't see the need for it.
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#302382 - 01/12/05 04:14 PM
Re: Call Report Audit
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Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
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We just tick and tie all of the numbers.
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My opinion is mine only- not my employer's!
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#302383 - 01/12/05 04:26 PM
Re: Call Report Audit
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Member
Joined: Apr 2003
Posts: 79
southeast
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We are a nonpublic bank over $500 so part 363 applies. As part of the internal control part of this reg, we have to review call report and insider transaction at the first of each year. While I could use the call report instructions and basically redo the call report for year end, I was hoping someone had a step by step written audit program that would say, ex. 1A2 should consist of.... Basically, I was looking for a condensed version of the call report instructions. Anyway, thanks for your reponses.
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#302385 - 01/27/05 07:22 PM
Re: Call Report Audit
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Anonymous
Unregistered
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It's also helpful for you to consult with your external auditor, since it's their primary responsibility to review the published financials. If you do your work correctly, you could cut down on the amount of testing that you're paying your external auditor to do. Most is ticking and tying from the GL, but you will have to ensure FAS standards are being followed too. It's not for the faint of heart.
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#302386 - 01/27/05 07:52 PM
Re: Call Report Audit
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Member
Joined: Apr 2003
Posts: 79
southeast
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This whole issue started from a conversation with our external auditors. They do perform a call report review; however, they feel that in the future the regulators are going to be looking a lot harder at this because of SOX. Under part 363 (which is basically a very short bits and piece version of SOX) Management must have an attestation of internal controls on certain issues. This also comes from AICPA’s AT 501. About five years ago I was the one that actually completed the call report – so I think I have a very good handle on how to complete one – I basically was just wanting a simple go by go condensed version of the call report instructions. Anyway, thanks for the suggestions.
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#302387 - 02/10/05 04:19 PM
Re: Call Report Audit
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New Poster
Joined: Feb 2005
Posts: 8
Virginia
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So do you tick and tie a sample of numbers from each of the four quarters or just one?
Maybe hit one really heavy and the others a little lighter?
Any thoughts?
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#302389 - 12/08/05 03:24 PM
Re: Call Report Audit
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#302390 - 12/08/05 03:25 PM
Re: Call Report Audit
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Diamond Poster
Joined: Jun 2005
Posts: 1,343
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When I audit the call report, I compare it to the general ledger and look for discrepancies, and compare it to the budget and look for large, unexpected variances.
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#302391 - 12/08/05 03:58 PM
Re: Call Report Audit
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Diamond Poster
Joined: Jun 2002
Posts: 1,815
Minnesota
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I usually just tie the numbers and I do a small comparison back to the GL's. But, I don't audit it very often.
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Do what you can, with what you have, where you are. ~Theodore Roosevelt~
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#302392 - 12/08/05 04:43 PM
Re: Call Report Audit
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Joined: Oct 2000
Posts: 27,750
On the Net
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If you see few or no errors, audit frequency gaps can increase. This is also so heavily reviewed and scrutinized that it shouldn't take much audit time.
If you test it and do find problems, certainly expand the processes and review more as there could be serious consequences.
_________________________
AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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