Shouldn't the bank have a new account review procedure? I am thinking a review that will entail reviewing new account documentation, computer set-up, and scanning of documents. Any thoughts or comments would be much appreciated. All new loan accounts are reviewed in much the same manner so why would deposits not be reviewed.

Our bank has review procedures in place to mitigate the risks of not having proper documents, to ensure that CIP policies are adhered to, that fraudulant account are not being set up ect.

Actually, I'm in my second year of internal audit and the auditor before me had placed less emphasis on new account review than I have.

I spend a lot less time monitoring existing accounts than I do really reviewing new accounts. I can't remember exactly where, but I do recall reading that it's better to spend time checking the set-up and propriety of new accounts rather than reviewing accounts that have been in existence.

It makes a lot of sense, really.

It is a good quality control measure. If you begin to see discrepancies you can correct them before they become bona fide problems.

When I took over here, I added a review of our "Retail Banking" function. No one thought it was worthwhile either, until,......


Part of what I review is new account opening, set up on system, business account documents, account status chnages, maintenance changes, and new products/services.

It has been well received.