Collections Audit Program

Posted By: one auditor

Collections Audit Program - 10/25/07 04:52 PM

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.
Posted By: Phoenix

Re: Collections Audit Program - 11/19/07 03:50 PM

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.