A couple of recent training presentations I've attended have discussed reporting to the CEO (administratively) as the ideal, with direct reporting to the Committee. I agree this is the ideal situation from an independence perspective. We've always reported to the CFO. The three CFOs we've reported to over the last 14+ years have all been very open to any audit findings in their area and have never tried to influence us in a negative way.
This was questioned in our Quality Assurance Review as a potential independence issue, so we are discussing it further.
Would anyone be able to share a policy template for subordinated debt?
Thanks!
Looking for references and/or opinions for any of these products through NContracts.
Thanks in advance,
Heather Lee, CCUIA
Internal Auditor
CSE FCU
Hi there! I am newer to my role and working with our Supervisory Committee. They have asked that I look into what we need to review on our Call Reports. I'm curious if this should be a full review of the entire report, or if there are specific areas/things we need to keep an eye on? It's an extensive, complex report, but want to make sure we are doing our due diligence.
I appreciate any help. Thank you!
Hi! I created an Internal Audit charter and reviewed it with my Supervisory Committee last month. When it comes to access to all records, personnel, and areas of the credit union, do you have any limitations in place on things you cannot have access to?
Specifically, are you able to review SARs upon request? Do you have any limits with HR & personnel files?
Any insight is greatly appreciated. Thank you!
Anyone have an Employee Finances Policy they can share?? We have one, but management rarely enforces it. This causes us to continuously monitor high-risk employees that have numerous NSF fees or are obviously in a bad financial situation more closely. We also have an ODP program that employees are able to use just like a member.
Any help on employee account review/employee finances/responsibility policies would be greatly appreciated!
Thanks,
Kathie
Hello everyone. I hope all is well. We are exploring adding CRM software and changing phone systems. We currently have Purecloud for our phones. We are also with Symitar as our core. Are any of you using a CRM system and would you recommend them? Also what phone system are you using and would you recommend them as well. Thanks in advance for any information you can provide.
Does anyone know if there are any guidelines, best practices or other resources that identify the expected size of an audit department based on the size of the institution? Something like "if the CU is $XXX in asset size then the audit department should have YY number of FTEs"? Anything along those lines?
Hi there! Last year, we opened two branches outside of our primary state. I was curious how other FIs handle branch audits when they have out of state branches? Do you visit them in person? How often? Anything different you add (or remove) from the audit process for those branches?
Any insight is greatly appreciated! Thanks!
We have been struggling with a decision to assign ratings to our series of audits throughout the year. Management would prefer that we don't, however ratings add credibility to the audit. Our concern is that management will focus on the rating and not address the issues identified. Any comments or suggestions?? Thanks
Has anyone received their scheduled exam date for 2023?
Thanks,
We are looking at possibly moving to a new Board Portal for our Board Members to receive Board Packets, Vote, and have discussions.
What portal or process does your Credit Union currently utilize?
Asset Size?
Hi there. We are looking to switch up who conducts our audits that we outsource. I am curious who others are using and any feedback you have to share? The specific audit areas we are outsourcing this year are Member Business Lending, eBanking, ACH & Wire Transfers, BSA, and Shared Branching.
We have used MNCUN for the last 3+ years, we looked into CLA (Clifton Larson Allen), but their estimates are quite a bit more expensive than what we have paid for previously.
Thanks!
During the closing of a trust, is there any documentation or forms completed that you require from the member?
Thanks
Hello,
Our FCU is working on our Business Account program. At this time we only offer business accounts to small business owners with basic banking needs for products (savings, checking, small business loans) to DBAs, Sole Props and small LLCs.
I am trying to locate a simple Business Account Policy and Business Account Audit. If anyone can share it would be appreciated.
Thank you.
Kathie Harmon
AVP IA & Compliance
Hello. I am curious if anyone currently conducts the required annual BSA & SAFE Act audits for their institution? We were told by our external auditor last year that these two audit areas can move to the internal auditor(me) for 2023. I want to ensure that I have the expertise to perform these, and am wondering what each entails.
Thank you!
Haley Styrbicky
Hello,
We are looking at updating our Merchant RDC policy. Does anyone have one they can send me? Please email me at lindsey.anderson@townandcountry.org
thanks!
Hi! This is our first year with an Internal Audit program. I am working on building out the audit areas I will review throughout the year. I was curious if anyone has any suggestions on areas they review and the frequency? I'm trying to come up with a list of different areas (aside from the required) and am hoping for a bit of insight on what others are doing.
Thank you!
Haley Styrbicky
This question is regarding complaints received from NCUA's Consumer Assistance Center.
Thank you so much for reading my forum post! I am working on creating an Engagement Letter template to enhance our current Internal Audit process. The letter will be used to set clear expectations regarding the engagement/audit (e.g., client's responsibilities vs. Internal Audit's responsibilities) and seek agreement. I'm looking for sample Engagement Letters and appreciate anyone that is willing to help.
I'm also curios, if you have an Engagement Letter do you have the client sign it and why?
Good morning,
I'm wondering if anyone has a process or standards around management responses. Do all audit findings (and best practice recommendations) require management responses? Is management allowed to accept the risk of findings/recommendations without putting any remediation plans in place? Is there a process in place if the risk is excepted such as some type of committee approval or anything similar?
Thanks,
Eric
Good Morning,
Any good branch audit programs that could be shared?
Thank you in advance!
We are considering changing who we address the audit reports to. Typically we address all of our audit reports to both the Supervisory Committee and the VP of the area being audited. We are thinking about removing the VP from the addressed to section and adding them to the distribution list. Does anyone address their audit reports to anyone other than Supervisory Committee? Any feedback would be greatly appreciated!
Has anybody else had issues when recalculating the APR on loans with credit life/disability insurance or GAP? We are currently getting different results from APRWIN, RegZ calculator, and MeridianLink. Any tips on calculating the APR on these loans is greatly appreciated!
Thanks!
Hello,
I've noticed that the webinar recordings are not being posted in the Webinar tab anymore. Have they moved or did we lose the benefit of being able to watch ones we were not able to attend?
Thank you!
