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#468209 - 12/09/05 02:32 PM Required annual audits
butercup Offline
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butercup
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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DeeQ
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.
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#468211 - 12/09/05 03:40 PM Re: Required annual audits
Countess Kiwi Offline
Diamond Poster
Joined: Jun 2002
Posts: 1,815
Minnesota
ACH is a required annual audit as well.
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#468212 - 12/15/05 02:11 AM Re: Required annual audits
Andy_Z Offline
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Andy_Z
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.
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#468213 - 12/15/05 02:48 PM Re: Required annual audits
MStateFan Offline
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MStateFan
Joined: Nov 2005
Posts: 176
Mississippi
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
Platinum Poster
Tennismom
Joined: Jan 2004
Posts: 765
FDICIA

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#468216 - 11/03/06 09:21 PM Re: Required annual audits
dach Offline
100 Club
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?

Thanks.

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#468218 - 11/10/06 08:34 PM Re: Required annual audits
Lil'Auditor Offline
New Poster
Lil'Auditor
Joined: Aug 2006
Posts: 6
Virginia
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
Arkansas
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
Michigan
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.
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