Answer:
Yes, one of the primary goals of compliance monitoring is to test the bank’s procedures to ensure the bank is complying with laws and regulations while the audit department is testing the compliance function itself to ensure it is working as an internal control. If your bank has a robust compliance monitoring process where a significant number of transactions are testing on an ongoing basis the audit department, similar to the process utilized by bank examiners, can primarily focus on a review of the process itself and minimize the number of transactions actually reviewed.
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Deposit Compliance Auditing and Monitoring Programs
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