Bank Auditing Services
Internal Auditing and Planning
Internal auditing is an independent, objective assurance and consulting activity, intended to add value and improve a bank’s operations by implementing a systematic, disciplined, analytic approach. The objectives of the audit are to evaluate and improve the effectiveness of existing risk management, control and governance processes. Internal auditing provides value to both governing bodies and senior management and can be a catalyst for improving a bank’s effectiveness and efficiency by providing informed insights, as well as near and longer-term planning recommendations.
Lending and operations compliance today goes well beyond the consumer and the Consumer Credit Protection Act. Compliance is now a bank-wide issue and applies to commercial, as well as consumer, accounts and business. In our role as compliance examiners, we make sure that commercial loan files are included within our overall examination, that regulators’ and legal requirements are addressed and that compliance responsibilities, risks and deficiencies are thoroughly examined.
We can provide guidance on security and control expectations regarding the Federal Reserve Banks’ FedLine applications. The ability to transfer funds makes FedLine one of the highest risk applications in most community banks. Without putting adequate oversight and controls in place, the safety and soundness of a bank could be in great jeopardy. We make recommendations to senior management about implementing controls and system settings, as well as how to justify to their board instances where they decide not to implement these recommendations.
FDICIA (Section 112)
In our role as auditors, we are fully prepared to revisit corporate reporting standards and governance reforms with our client partners. We review in detail: 1) acknowledgement of and responsibility for preparing the bank’s financial statements; 2) evaluation of the effectiveness, as of year end, of the bank’s internal controls over financial reporting; 3) examine and attest to management’s assertions concerning the internal control structures of the institution.
Sarbanes-Oxley Act Compliance
We ensure that top management individually certifies the accuracy of all financial information. We also review the accuracy of corporate financial statements and facilitate the increased oversight role of the Board of Directors.
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