Required Audits

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Question:

Are there certain audits that should be performed throughout the year for financial institutions? If so, what are the deadlines?

Answer:

You should review specific regulations (such as BSA) as well as your primary regulator's examination manual and other guidance for information on internal audits. Also look to specific requirements of ATM providers, NACHA for ACH audits, etc. Timing of many audits is "risk based".

First published on BankersOnline.com 11/12/07