Compliance/Audit Schedule

Posted By: Rachel G.

Compliance/Audit Schedule - 01/13/21 11:21 PM

Would anyone be willing to share your list of internal/external audits? We are $250M and I am new. We are auditing wires and RDC annually. At my last shop, we didn't audit our wires... we could have been wrong but I am curious about what other's are doing?
How are you auditing your deposit compliance?
What about internal controls? It seems to me that the branch audits would cover this...
We are also 'auditing' social media quarterly... what are you doing here?
I am used to regular reviews rather than a large annual audit. For example, new account audits. I would review them regularly (quarterly-puling accounts at random) and that was that. The examiner would come and do their thing and we were good.

Posted By: rlcarey

Re: Compliance/Audit Schedule - 01/14/21 11:50 AM

Since all banks are different, I would suggest that you start with a risk assessment and work from there as to what and at what level areas of the bank will require audits.
Posted By: Rachel G.

Re: Compliance/Audit Schedule - 01/14/21 03:00 PM

Thanks, good point.
Posted By: ACBbank

Re: Compliance/Audit Schedule - 01/20/21 05:53 PM

Any audit cycle I've been a part of starts with an audit risk assessment of the auditable BUs. This determines the schedule, auditable hours, BU risk rating, etc.
Posted By: Rocky P

Re: Compliance/Audit Schedule - 04/16/21 01:01 PM

Besides the regulations, in the assessment, make sure prior issues, examiner, audit, legal, are considered, and keep the audit committee involved for direction.
Posted By: TryingtoComply

Re: Compliance/Audit Schedule - 05/18/21 10:34 PM

In response to your question about "how" are you doing your audits. Consider using your primary regulator's exam manual.

Identify all of the regulations that apply to your bank and then risk rate them. Frequency of the audit/review should be based on risk. For example, high risk every 12 months, medium every 18 and low every 24 months.

Read your primary regulator's or the CFPBs examination manuals. They are a great resource.
Posted By: edAudit

Re: Compliance/Audit Schedule - 05/19/21 05:27 PM

Sorry another vote for Risk Assessment