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There are four reasons why we audit:
- Your examiners are coming. Among the first things they want to see are your audit reports and workpapers. They test your compliance, based on your test for compliance.
- You believe it will be a long time until your next exam. You are concerned about your monitoring program and interim audits. You know that "what gets checked gets done." It's time to check.
- You are very concerned about reputational risk. Your board, management and you all want to know that your procedures and systems are functioning as they are designed to. You need to know that statements are correct, accruals are correct, and account ownership restrictions are correct, plus so much more.
- In this period of changing requirements and interpretations of those requirements, the way "it" was last year may not pass today's test. We need to ensure we are keeping up.
You must know that your compliance program for deposit products is up to par and specifically that you test for compliance. You have to know that you complete a statistically sound sampling, encompass everything that needs to be reviewed on a risk management basis and that tweaks are made to processes and procedures to avoid problems.
Auditing between exams is like a moon shot. If you are off course just one degree there isn't much variation in the first mile. But by the time you get to where the moon was supposed to be, you'll discover that there is a real problem. You can't afford to discover that you missed the target from your examiner, or a customer who believes they were short changed on interest or disclosures.
Your audit program needs occasional "tweaking" to keep pace with regulatory changes and changes in your strategic plan as well as what you are actually doing on a daily basis. Developing, maintaining and redesigning your compliance audit program in a changing environment are vital today.
This webinar is designed to give you information that will help both new and seasoned compliance professionals responsible for deposit products. We'll lay down preliminary steps to take, the actual auditing and the important follow-up steps to prevent the recurrence of problems. If you can't stop it from happening again, you haven't completed your work.
Our discussion will include:
- Resources for free audit workpapers on Regs. D, Q, DD and more
- How to know what the "hot" topics are in the world of violations
- How to select a file sample that is numerically accurate and validates your work
- How to get the most out of an audit of your compliance management program
- Practical tools to assist you in your daily duties
- Who and when to follow-up with and report to
Auditing Deposit Accounts
Sample Size Calculations
Sample Boiler Plate Violations
Sample Directors Audit Template
Sample Audit Template
Sample Risk Assessmen
Questions and Answers