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#629948 - 10/26/06 01:09 PM Compliance Internal Audit
LinMarie Offline
100 Club
LinMarie
Joined: Nov 2001
Posts: 243
Could someone please give me an example of an internal audit report on Compliance reviews? Our bank has a full time compliance officer who performs reviews, however our examiner's have requested that I audit the compliance reviews, test them and form an opinion on them. I hit on some areas in my internal audits but not as great of depth as the complaince officer does. Just looking for ideas to satisfy the examiners. Any help would be appreciated. Thanks

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#629949 - 10/30/06 03:38 PM Re: Compliance Internal Audit
SavannahOne Offline
Diamond Poster
Joined: Sep 2005
Posts: 1,163
Georgia
Start with basics. Compare compliance audits to the audit schedule, review planned vs completed training (both of bank staff and of the compliance officer), review how exceptions/violations are reported and how or if there is a follow-up process. In short, help ensure there is a documented compliance program and measure actual performance against that program.

Getting this process in place should buy you time before you have to start attesting to the accuracy of the compliance findings.

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#629950 - 10/30/06 04:10 PM Re: Compliance Internal Audit
A_G Offline
10K Club
Joined: Jul 2004
Posts: 18,957
Or better yet, if resources permit, have the IA department perform the actual compliance reivews - just call them compliance audits. That's what I do here and the examiners are pleased with the process.
_________________________
With the lights out, it's less dangerous.

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#629951 - 10/30/06 07:17 PM Re: Compliance Internal Audit
DeeQ Offline
10K Club
DeeQ
Joined: Dec 2002
Posts: 40,762
Turnpike Exit 10
Quote:

Start with basics. Compare compliance audits to the audit schedule, review planned vs completed training (both of bank staff and of the compliance officer), review how exceptions/violations are reported and how or if there is a follow-up process. In short, help ensure there is a documented compliance program and measure actual performance against that program.

Getting this process in place should buy you time before you have to start attesting to the accuracy of the compliance findings.



This is what my IA does.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#629952 - 10/31/06 10:09 PM Re: Compliance Internal Audit
Enterprise Offline
New Poster
Joined: Oct 2006
Posts: 17
New Jersey & Pennsylvania
We have two different situations here, the easy one is where the IA conducts the Compliance Audits which the examiner likes because it is a third party doing the compliance review. In the first instance, the examiner does not want you to conduct the compliance review, he wants you to attest to the completeness of the procedure. Bottom-line, is the Compliance Officer fulfilling the requirements of the compliance program.

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