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#468209 - 12/09/05 02:32 PM Required annual audits
butercup Offline
Junior Member
Joined: Aug 2004
Posts: 31
I am working on getting our audit schedule completed for next year. I was wondering what audits are required to be done on an annual basis. What do your banks do?

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#468210 - 12/09/05 02:48 PM Re: Required annual audits
DeeQ Offline
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Joined: Dec 2002
Posts: 40,763
Turnpike Exit 10
Besides BSA, the rest are risk rated based on level of risk and then rotated based on findings. If you PM me your email address, I can send you a sample of mine.
Get your facts first, then you can distort them as you please. - Mark Twain

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#468211 - 12/09/05 03:40 PM Re: Required annual audits
Countess Kiwi Offline
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Joined: Jun 2002
Posts: 1,815
ACH is a required annual audit as well.
Do what you can, with what you have, where you are.
~Theodore Roosevelt~

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#468212 - 12/15/05 02:11 AM Re: Required annual audits
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,468
On the Net
A security report is required. It isn't necessarily an audit, but someone needs to ensure it is done. Along these same lines there is an info-sec report and Reg. O which is required annually. You could group these into one audit if they're within your scope.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#468213 - 12/15/05 02:48 PM Re: Required annual audits
MStateFan Offline
100 Club
Joined: Nov 2005
Posts: 176
For national banks, 12 CFR 9.9 requires an annual audit of fiduciary activities (unless you perform a "continuous audit" - i.e., on an activity-by-activity basis - then the timing can be relative to the risk of each individual fiduciary activity).

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#468214 - 12/16/05 03:43 AM Re: Required annual audits
buckwheat Offline
New Poster
Joined: Jan 2005
Posts: 15
The wild west

Here's what I have documented for annual audit coverage.

1. Asset-liability management function.
2. Anti-money laundering program (BSA/OFAF/Section 314 and 326)
3. Credit review function
4. Allowance for loan losses
5. Customer Information Security Program

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#468215 - 12/16/05 07:01 PM Re: Required annual audits
Tennismom Offline
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Joined: Jan 2004
Posts: 765

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#468216 - 11/03/06 09:21 PM Re: Required annual audits
dach Offline
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Joined: Mar 2006
Posts: 135
What all do the audits of fiduciary activities (national banks), asset-liability management function, and credit review function include? I want to make sure that I am meeting these requirements before the end of the year.

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#468217 - 11/07/06 02:08 PM Re: Required annual audits
Sugarbaker Offline
Gold Star
Joined: Nov 2005
Posts: 265
Are there any other regulatory compliance audits that are required to be completed annually?


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#468218 - 11/10/06 08:34 PM Re: Required annual audits
Lil'Auditor Offline
New Poster
Joined: Aug 2006
Posts: 6
An audit of your interest rate risk model is required by the SR letter.

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#1104564 - 01/01/09 09:39 PM Re: Required annual audits DeeQ
rguiltner Offline
New Poster
Joined: Mar 2007
Posts: 23
Devil Queen, could I get your sample?

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#1104567 - 01/02/09 01:06 AM Re: Required annual audits rguiltner
JoAnne Offline
Platinum Poster
Joined: Feb 2001
Posts: 795
Although not required, Flood is on the radar of all the regulators and ours strongly encouraged us to do an annual audit of flood a couple of years ago. Also Reg W and Treasury Functions.
Opinions posted are not necessarily those of my employer.

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