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#461928 - 11/25/05 10:12 PM FDIC audit
Reed Offline
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This is my first year as an Internal Auditor and I'm using the audit agenda from my predecessor. One audit they had planned is simply labeled FDIC. Any ideas on what there is to audit that falls under FDIC requirements. I checked all our ads for the logo.....what else could be entailed in this?

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#461929 - 11/25/05 10:22 PM Re: FDIC audit
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Could you look back to her previous FDIC audit and see what she did?
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#461930 - 11/25/05 10:35 PM Re: FDIC audit
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well, actually this was the first year that she had this audit on her calander, so there is nothing to refer to. The calander was given to the board, so I don't just want to "skip it", even though they probibly wouldn't notice.

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#461931 - 11/26/05 05:17 AM Re: FDIC audit
flaire Offline
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Can you figure it out by process of elimination? "FDIC" covers just about everything, so if you can cross off Reg. Z, CC, D, etc. would that help?
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#461932 - 11/27/05 08:54 PM Re: FDIC audit
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I'd look at signage and what people know about it to ensure the right info is being given out. What is insured, how toes one person get more than $100M in coverage, etc. This is where compliance and sales are friendly.

That is, if that is not already covered elsewhere.
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#461933 - 11/28/05 01:42 PM Re: FDIC audit
Passing storm Offline
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You may also want to check to be sure FDIC signage is removed if you sell insurance or other uninsured products
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#461934 - 11/28/05 01:55 PM Re: FDIC audit
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ok, thanks for the suggestions. That did give me some ideas.

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#461935 - 11/28/05 02:12 PM Re: FDIC audit
Dan Persfull Online
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Could it possibly be a reminder for an approximate date of the next anticipated audit by the FDIC?
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#461936 - 11/28/05 05:12 PM Re: FDIC audit
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or possibly a reminder to make sure all exceptions from the most recent FDIC exam have/are resolved.

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#461937 - 11/28/05 06:33 PM Re: FDIC audit
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well, we are OCC regulated, actually.

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#461938 - 11/28/05 07:07 PM Re: FDIC audit
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Quote:

I'd look at signage and what people know about it to ensure the right info is being given out. What is insured, how toes one person get more than $100M in coverage, etc. This is where compliance and sales are friendly.

That is, if that is not already covered elsewhere.




I'm inclined to agree with Andy as far as the intent of the FDIC audit. If this is your first year in the program (I think I read that) then I don't think the board would have a problem with you amending your program (schedule) to remove this area IF it is covered in other areas (mine would be covered by the Compliance Officer).

I recently amended my program due to time constraints, this is the first year of the audit program and we just hired an external auditor. After looking at the areas that will be covered by the external auditor there is no reason for me to perform a Holding Company audit. It would be the exact same procedures they are preforming in December. The Audit Committee agreed and I'll be focusing more time on the loan audit. Yeah team!
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