I'm hoping that one of you audit professionals has an audit program for correspondent bank accounts. Let me know if you are willing to share.

Our review of correspondent bank accounts is generally done as part of our finance/accounting dept audit and for the most part all that is really involved is verifying the correspondent bank records agree to our records and that they are reconciled in a timely manner. We also look at segregation of duties.

Hope that helped some...

Same at our bank. The timeliness of reconciliation is important. Our review confirms that the more active accounts are reconciled as frequently as daily and that differences are remedied quickly by originating departments. We also confirm that the balances kept in the accounts are appropriate and not excessive.

There is a Due From/Due To audit program on www.auditnet.org. I haven't reviewed the contents thoroughly, but it could be a good starting point.