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#706312 - 03/23/07 10:05 PM Audit work papers during compliance exam
Jayne Offline
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Joined: Dec 2004
Posts: 19
How many of you are asked to share audit work papers during compliance exams? I do compliance audit/consulting work. Occasionally, the work papers are requested but generally the reports have been sufficient.

Just curious about others' experience.

Thanks.

Jane

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#706315 - 03/23/07 10:10 PM Re: Audit work papers during compliance exam Jayne
Queen Mum Offline
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Queen Mum
Joined: Mar 2001
Posts: 3,920
OK
This year they asked for all my workpapers. Then they would ask specifically for those loan files that were targeted in the workpapers. Fun!

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#706318 - 03/23/07 10:16 PM Re: Audit work papers during compliance exam Queen Mum
Jayne Offline
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Joined: Dec 2004
Posts: 19
Thanks for sharing! Fun alright... I keep solid work papers but still not much fun being audited. Hm...

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#706381 - 03/24/07 11:13 PM Re: Audit work papers during compliance exam Jayne
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
BSA/AML Exam workpapers are almost always requested these days. It is pretty hit and miss on other audits, as it always has. As an outside auditor/consultant - this should be a normal expectation - wouldn't it?
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#706407 - 03/25/07 06:17 PM Re: Audit work papers during compliance exam rlcarey
Jayne Offline
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Joined: Dec 2004
Posts: 19
Actually, I am very rarely asked to view my work papers. No one's asked for BSA/AML work papers yet, and I do a lot of those. I've recently had one request for IT audit work papers. They generally ask for my resume, which is strong. My reports are not too wordy, but get the points across with complete descriptions of work performed, audit periods, sample sizes, and findings and recommendations. The engagement letters are solid.

I've been in banking for 18 years, with 9 years of it in compliance audit and consulting.

Seems like examiners tend to ask to see more if it's a bank that's had problems in the past.

Just checking to see if the trends are changing. Not worried about it one bit.

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#706411 - 03/25/07 07:43 PM Re: Audit work papers during compliance exam Jayne
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
Posts: 2,505
Up North
Jane-This is my 4th year in compliance/audit. The first couple exams after I took the position the examiners looked at EVERYTHING (reports, cmte meeting minutes, work papers, schedules, etc). Now that they've determined I am doing what I'm supposed to be doing they only ask for the BSA and IT work papers and I think one other random audit that I got to choose. Of course they still want to see my reports and my minutes. I believe it to be a risk based approach on the examiners behalf. If they find something during their exam they want to make sure I am on top of it as well and they will of course ask to see my work papers in that particular area.
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#706416 - 03/26/07 01:13 AM Re: Audit work papers during compliance exam RR Sarah
Jayne Offline
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Joined: Dec 2004
Posts: 19
Thanks, Sarah. This is kinda new to me - not the work - but the work paper part. I agree on the risk-based aspect. Thanks again for sharing.

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#706445 - 03/26/07 01:21 PM Re: Audit work papers during compliance exam Jayne
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
We've had no problems in the past, but examiners do ask for workpapers (BSA for sure) This is something new - started a couple of years ago.
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#707781 - 03/28/07 03:51 AM Re: Audit work papers during compliance exam ahou
Jayne Offline
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Joined: Dec 2004
Posts: 19
Well, it could be that here in flyover country they haven't started asking for BSA audit workpapers as perhaps in other areas. However, I'm prepared if they do, I use the FFIEC exam procedures.

Now I have seen them ask for BSA work papers on audits that were done internally. Then they recommended external independent audits. Which has added a lot of BSA audits to my schedule.

Why ask why... just go with it.

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#708065 - 03/28/07 04:42 PM Re: Audit work papers during compliance exam Jayne
Ready to Retire Offline
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Joined: Aug 2005
Posts: 2,313
Living in the land of Oz
Having to provide the BSA workpapers is a given for every exam we have had-state and FDIC. And the FDIC dompliance examiner we have had for the last 3 exams (same person and not very nice) has always wanted my workpapers.

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#708526 - 03/29/07 02:30 PM Re: Audit work papers during compliance exam Ready to Retire
Cornfed Turtle Offline
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Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
We're heading into a FRB compliance exam as we speak - - they want it all. I'm making arrangements for them to review the workpapers of all outsourced audits as well.

We always outsource the BSA audit - -and they always want those papers. This year - - -they are reviewing all workpapers. Should be no prob. I would think the workpaper review would help with the level of questioning, but we'll see.

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