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?
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.
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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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
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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