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#636001 - 11/08/06 09:42 PM Wire Transfer Controls
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
I am in the middle of a wire transfer audit and got hit with something. Is this an OK place to ask about WT controls? I'm talking tokens.....LSAs......etc.

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#636002 - 11/09/06 04:12 PM Re: Wire Transfer Controls
tedster Offline
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tedster
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Philadelphia
Turtle, visit this post from August here
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#636003 - 11/09/06 04:25 PM Re: Wire Transfer Controls
A_G Offline
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What is your question?
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#636004 - 11/09/06 04:28 PM Re: Wire Transfer Controls
rlcarey Online
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Galveston, TX
This might be better placed in the private forums.
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#636005 - 11/10/06 05:35 PM Re: Wire Transfer Controls
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
My thinking exactly, Randy.

I ran some questions by our external auditors. We'll see how that goes.

Meanwhile, here's a not-too-scary one: Our administrator just gave himself the ability to do funds transfer. Shouldn't this be impossible? I am already reporting it as unadvisable, but I would have thought Fedline would have made it impossible to do.

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#636006 - 11/10/06 06:05 PM Re: Wire Transfer Controls
A_G Offline
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It's not impossible (I'm not sure why it's even allowed to tell you the truth) but you will get cited for it in an exam.

From the FFIEC IT Exam Book

"LSA duties are inconsistent with any role in the daily operations of the Fedline application. To ensure ability to restrcit and monitor Fedline activity, any staff member assigned access to the LA application...should not have access to either the FT or HC applications. Even with this restriction in place, an unauthorized funds transfer message could be create and transmitted if personnel...have unmonitored access..."

The exam procedures call for obtaining a user report and verifying that those with LA application access are not assigned FT access. I would suggest your audit procedures do as well.
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#636007 - 11/10/06 06:07 PM Re: Wire Transfer Controls *DELETED*
A_G Offline
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Post deleted by AuditGuy

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#636008 - 11/10/06 06:13 PM Re: Wire Transfer Controls
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
They do. When I questioned the LSA having FT abilities, I was told that the activity log is reviewed......but it's reviewed by the LSA! Ah!

In prior lives, LSAs were IT people, but our IT guy answers to the current LSA (COO) so I am not comforatble with that either.

Hmm....lots of acronyms here. I think the short answer is that I am going to have a fun audit committee meeting.

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#636009 - 11/10/06 06:27 PM Re: Wire Transfer Controls
Cornfed Turtle Offline
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Joined: Mar 2006
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"...Somewhere in Middle Americ...
P.S. I am receommending that the log be reviewed for LSA activity. Who generally does that?

I am thinking that someone in Acctg who is not the LSA and not on the FT list would be a good choice.

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