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#607670 - 08/31/06 02:41 PM Has anyone been through a QAR yet?
A_G Offline
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With the deadline fast approaching I was just wondering if any IA shops have been through their QAR? I'm looking into costs and I was wondering if you could share the size of your bank, IA department, and approximate cost of your review. Thanks!
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#607671 - 08/31/06 05:51 PM Re: Has anyone been through a QAR yet?
Dollar Bill Offline
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What does QAR stand for?

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#607672 - 08/31/06 06:40 PM Re: Has anyone been through a QAR yet?
A_G Offline
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Quality Assessment Review
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#607673 - 09/25/06 01:21 PM Re: Has anyone been through a QAR yet?
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Audit Guy:

Any further news on the topic? I just moved to this bank as a part of the audit dept start-up so we aren't subject to the deadline this year. However, I want to get some numbers in the budget for next year.

I was interested in what you were going to have them do as well. We currently have our external accounting firm reviewing some items (due to the newness of our shop) but I am not sure what to include for the QAR.

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#607674 - 09/25/06 07:17 PM Re: Has anyone been through a QAR yet?
A_G Offline
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No nothing new - price wise anyway.

However, our Audit Committee decided that I should do an External Assessment Self-Assessment with Independent Validation (1312-2). I'm going to buy the quality assessment manual from the IIA ($150) and then try and find an independent validator...if I get some prices I'll post the ballpark ranges here. I still am curious though as to how much a full blown QAR would cost so I might still call around and get an idea.
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#607675 - 09/25/06 09:50 PM Re: Has anyone been through a QAR yet?
davidm Offline
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Texas
I have had a quote to review my self-assessment for the price of $5,000 plus out of pocket expense. My audit committee thought this was too much money for reviewing something that I completed. I agree. Still looking for someone to review. We are a small audit shop.

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#607676 - 09/26/06 02:55 PM Re: Has anyone been through a QAR yet?
A_G Offline
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Wow that does seem expensive. Makes me think I should have taken the $500 IIA seminar on how to perform the independent review. Looks like I could have made my money back in no time
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#607677 - 09/26/06 06:08 PM Re: Has anyone been through a QAR yet?
RR Jen Offline
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I'm in the same boat as Cornfed Turtle (wow...you dont say that every day). I started this audit shop in March 2005...so I've got a little time.

I've heard of some local auditors swapping...I'll review yours if you review mine. I havent got into too much detail with them yet. The one guy who was reviewing for a collegue had completed the IIA's course.
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#607678 - 09/26/06 06:09 PM Re: Has anyone been through a QAR yet?
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Let's all take the class and then switch banks for a week!

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#607679 - 09/26/06 06:10 PM Re: Has anyone been through a QAR yet?
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Looks llike we posted simultaneously - - - - great minds thinking alike!

Are you guys headed to the Financial Services Conference next year in Orlando?

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#607680 - 09/26/06 06:17 PM Re: Has anyone been through a QAR yet?
RR Jen Offline
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I'd like to...but it's probably not going to happen. I'm considering taking on my masters...yes, I'm certifiably crazy...and sitting for the CIA next fall. That will probably take up all my continuing ed $$.
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#607681 - 09/26/06 07:09 PM Re: Has anyone been through a QAR yet?
A_G Offline
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I'll probably be going to Orlando next year. I went to Boston this year and found the conference quite helpful.

JLJ - you sitting this November? I have one more part to complete, Part III and I will officially be a CIA
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#607682 - 09/26/06 07:15 PM Re: Has anyone been through a QAR yet?
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
Glad to hear that. I REALLY wanted to go to Boston but it wasn't in the cards. There is no brochure published for Orlando even though they are already selling tickets.

The audit committee has approved the trip for me - - - I am hopeful for a chance at the CFSA section of the exam while there. Otherwise, I will have to take it in a less pleasant setting.

Any suggestions on study materials for the rest of the CIA exam?

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#607683 - 09/26/06 07:21 PM Re: Has anyone been through a QAR yet?
A_G Offline
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Are you sure there is no Orlando brochure yet? I could have sworn they sent on to me in the mail (or maybe it was Vegas - I can't remember)

I used the Gleim books to study. They are pretty comprehensive - I sat for all four parts the first time around and passed I, II, and IV using the books. The one thing I don't like about them is they have questions from the CIA, CPA, CMA, etc (which is great) but the "publisher" questions that they ask are ridiculously simple to answer. But other than that I highly suggest the Gleim books.
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#607684 - 09/26/06 08:46 PM Re: Has anyone been through a QAR yet?
RR Jen Offline
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I'm thinking about sitting for it in 07. This was just my second year here at this bank and I didn't think I needed the additional stress of trying to pass the test.

I don't know what's possessed me...I never worried about my masters before. Now I'm seriously considering it.

I just got back from the IIA's Risk and Control Conference in Palm Beach. It was great. I know I'd really benefit from Orlando, but just dont see getting it approved.
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#607685 - 10/06/06 05:37 PM Re: Has anyone been through a QAR yet?
rexinaudit Offline
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Joined: Dec 2001
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Quote:

I've heard of some local auditors swapping...I'll review yours if you review mine. I havent got into too much detail with them yet. The one guy who was reviewing for a collegue had completed the IIA's course.




The IIA training that I have taken says that direct swaps are not suitably independent. There needs to be a goup of three or more audit shops that rotate the assignments so that there are no direct reciprocal assessments. I.e., I may not assess the audit shop of the person who assesses my shop.

I have not done this QAR yet and will be out of complliance at 12/31, but plan to pursue compliance in 2007. Interestingly, the FDIC examiners in our region are not instructed to look for QAR compliance.

Here is the FDIC response to my recent inquiry:
Quote:

We do not have access to all of the IIA's guidance. Examiners also do not review for compliance with IIA standards. Bank regulatory guidance in the Internal Audit Statement of Policy does refer to the IIA's guidance and encourages bankers to follow professional standards such as the guidance of the IIA; however, use of this guidance is NOT required. No new guidance or commentary on this issue.


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#607686 - 10/06/06 05:54 PM Re: Has anyone been through a QAR yet?
rlcarey Offline
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Galveston, TX
The real question becomes - why bother?
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