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#863638 - 11/30/07 03:06 PM Loan and Deposit Confirmations
Reed Offline
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Reed
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West Coast
This is something our external auditors currently take care of, but we are tossing around the idea of having internal audit take it over. For anyone out there who takes care of confirmations internally, what is your process like? Does IA have their own PO Box?

Thanks

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#863680 - 11/30/07 03:21 PM Re: Loan and Deposit Confirmations Reed
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This is something our externals do too. IA does nothing confirmation wise. Just thought you'd like to know.

However, I think having your own PO Box is essential if this is something you are considering.
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#863995 - 11/30/07 06:09 PM Re: Loan and Deposit Confirmations A_G
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Upstate NY
In the past I have always played a big part in the confirmation process. External would tell me the sample size, I would print the confirms and mail them out. I had a separate PO Box just for confirms. This year I'm printing and sending off to External to do the rest. Sure will make my life easier!!!

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#864032 - 11/30/07 06:26 PM Re: Loan and Deposit Confirmations Ms Auditor
Countess Kiwi Offline
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Minnesota
I have done both in the past. A sample during our normal audit and then the external would do their own sample. For external they have provided me the detail and we print, fold and stuff and they send them out.

For internal I did a spreadsheet that tracked the information: how many were sent, what has been received back, errors or comments noted (which require follow up), percentage of return and then I usually had a date that I used for a cutoff. I had my own PO Box and sent along an extra envelope with the positives to ensure they were sent to the correct location. Only our department had the key to the PO Box. The cost was pretty minimal to ensure control over the whole process.
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#864268 - 11/30/07 08:53 PM Re: Loan and Deposit Confirmations Ms Auditor
QCL Offline

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NW IL
Originally Posted By: Ms Auditor
In the past I have always played a big part in the confirmation process. External would tell me the sample size, I would print the confirms and mail them out. I had a separate PO Box just for confirms. This year I'm printing and sending off to External to do the rest. Sure will make my life easier!!!


Oh how I wish that I had done this, this year.
I printed and sent out all of them (with the exception of the "control" group that external audit keeps). I am up to my eyeballs in confirms.

We actually did away with our seperate PO Box. In this town of 1000 where our main branch is, the PO people were combining the mail for the bank and audit. I have had to set up new controls.
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#864745 - 12/03/07 02:23 PM Re: Loan and Deposit Confirmations QCL
Reed Offline
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West Coast
Thanks for the feedback!

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