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#842352 - 10/25/07 04:52 PM Collections Audit Program
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104
Midwest
Does anyone have an audit program they can share on the Collections function, to include a review of past due, bk, and charged off loans along with repossessed property.

Thank you.

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Audit
#856996 - 11/19/07 03:50 PM Re: Collections Audit Program one auditor
Phoenix Offline
Platinum Poster
Phoenix
Joined: May 2003
Posts: 832
southeast
Operationally - Compare actual results to budget.

Accounting - look to sound internal controls over all funds flows - to/from outside collection agencies, repo help, appraisers/auction houses; courts, debtors; look for sound internal controls over property valuations.

Compliance/Accounting - check for compliance with internal and regulatory/AICPA ALLL procedures

Compliance - look at contracts (and past due interest calculations)for Reg AA/UDAP clauses; check propriety/timing of information reported to credit bureaus; FDCPA. Check compliance with state laws regarding bankruptcy, lien filings, repossession. SCRA may come into play for active duty personnel.
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