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#338037 - 03/24/05 04:34 PM Interest & Fee Income Audit
osoalone Offline
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Joined: Dec 2003
Posts: 146
Texas
I am in the process of setting up an Internal Audit department and have been creating everything from scratch as I go. Does anyone have an audit they would be willing to share for Interest and Fee Income? What exactly does this cover - interest and fees on loans?

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Audit
#338038 - 03/24/05 04:44 PM Re: Interest & Fee Income Audit
Starter Offline
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Joined: Aug 2004
Posts: 513
NJ
It could also mean interest and fees on deposit accounts - There's also interest and fees on investments - don't know exactly what you are looking for.

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#338039 - 03/24/05 04:57 PM Re: Interest & Fee Income Audit
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
Well, since I'm new at this, do you audit interest and fees on deposit accounts,investments and on loans?

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#338040 - 03/24/05 05:50 PM Re: Interest & Fee Income Audit
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NJ
I audit interest and fees during each relating audit that I do. I include a section for testing these things in my DDA audit, my Savings & CD audit, each of my loan audits, my investment audit and in my Accounting audit. You want to make sure also that the system is properly calculating the interest and fees charged to deposit accounts and loans. Hope this helps.

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#338041 - 03/24/05 06:06 PM Re: Interest & Fee Income Audit
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
Thank you. This helps. I found an audit program titled Interest and Fee Income Audit. It appeared to be strictly for fees generated on the DDA side (stop payments, cashier's checks, money orders, check cashing fees, etc.)

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