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#52965 - 01/08/03 09:32 PM Call Report Audits
Sheryl R Offline
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Sheryl R
Joined: Mar 2001
Posts: 291
Cedar Rapids, IA,
Does anyone have an audit program that they'd like to share for auditing the call report? Any help would be appreciated!

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Audit
#52966 - 01/09/03 12:28 PM Re: Call Report Audits
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,964
TN
I don't have an audit program, but I can tell you that at my former employer's what we did was verify the numbers to workpapers kept. If would couldn't get the figures to match it was an exception. Documentation, I believe, is the key to this audit.
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#52967 - 01/09/03 02:31 PM Re: Call Report Audits
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
Our Call Report audit is like Autumn's. Unfortunately, it has had the result that I am now the only other person in the bank who knows how to do the Call Report. So, to keep this new-found ability current, I get to do the entire Call Report one quarter per year (the primary person has to audit my results). I keep trying to cry "independent!" to get out of it, but my bosses aren't going for it.

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#52968 - 01/09/03 02:34 PM Re: Call Report Audits
Sheryl R Offline
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Sheryl R
Joined: Mar 2001
Posts: 291
Cedar Rapids, IA,
So do you review all the schedules including the memoranda pages?

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#52969 - 01/09/03 02:46 PM Re: Call Report Audits
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
I divide the Call Report into four parts. Each calendar quarter, I review one of the four parts (except for the lucky quarter when I do the whole Call Report). Fortunately, we are a small, plain-vanilla bank, so some of the pages are a long list of "n/a".

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#52970 - 01/10/03 02:10 PM Re: Call Report Audits
Anonymous
Unregistered

We do an annual audit of "Financial Reporting" which encompasses ALL internal and external financial reports prepared by the Accounting Department (except the income tax returns which are reviewed by our extrernal auditors so this would be overkill). We include the CALL report by verifying each line item on every page back to source documentation (primarily the general ledger or other call report support workpapers). The CALL has been automated for many years so this is not too difficult although you need to be careful to insure any updates are handled appropriately. I think the previous poster who got "roped" into preparing the CALL because of their familiarity has a MAJOR independence problem which they should discuss with their CEO.

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#52971 - 01/10/03 04:03 PM Re: Call Report Audits
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
I'm the previous poster. Believe me, I tried to point out the independence issue. It was our external auditors who applied the pressure for a back-up. We're a very small shop with limited intellectual capital (even though the Call Report is automated, deriving the input numbers from the morass of reports, adjustments, and exceptions is quite a mental obstacle course).

The auditors seemed satisfied that I review the numbers for three quarters and compile them for the fourth, provided our accountant/auditor reviews my figures for that fourth quarter. However, if you see bigger issues, please let me know, either here or in a private message.

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#52972 - 01/10/03 04:39 PM Re: Call Report Audits
Anonymous
Unregistered

What do your banking regulators say about the situation? That was more of the lines I was thinking about.

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#52973 - 01/10/03 05:00 PM Re: Call Report Audits
complyguy Offline
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complyguy
Joined: May 2001
Posts: 494
PA
They haven't said anything so far, but they'll be here again soon, so stay tuned. As a general matter, they are becoming a little restive about the volume of functions being assigned to me, but that's more a concern that I won't have enough time to do thorough compliance rather than independence issues. Management, on the other hand, thinks I am entirely too thorough and need something else to keep me occupied.

I appreciate your concerns, and am interested in any further specifics that might come to mind.

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