Has anyone performed an audit of 'Tax Favored Accounts'? I am looking at revamping a Retirement Account Administration audit we perform to a 'Tax Favored Account' audit to include IRA accounts (Regular and Roth), Simplified Employee Pension Plan accpunts (SEPs), Coverdell Education Accounts, and Health Savings Accounts (HSAs). Is there an advantage to including all these types of accounts in the same audit or should they be separate audits? What are good resources for planning / audit program development? Does anyone have an audit program to share?Thank you!
Has the Annual Conference been scheduled yet? I'm wondering about dates and locations. THanksPatrick McCollough
Has anyone had American Express conduct an onsite visit / audit? I received a phone call yesterday from an AE representative stating they are planning on conducting a two question AML audit. They plan to visit one branch and ask one teller two questions. Following is the email I received after the telephone conversation. I've never heard of this type of visit; it sounds suspicious to me.I would appreciate any comments.Thanks,Dougdhauser@landmarkcu.com Hello Doug,American Express is conducting an internal AML audit. We will visit
We receive incoming wires through our Corporate Credit Union. The accounting department does not OFAC incoming wires as it is the procedure of the corporate to OFAC any wires they process. ((At least that is what Accounting tells me.)) My question is, does your accounting personnel OFAC incoming wires? I must also note that we do not send nor accept wires for non members. Our external auditors said that we should be OFACing incoming wires. Tannia Weaver
Do your succession plans include a required audit to be performed when the CEO terminates (whether voluntarily or not)? Ours includes items such as count cash, reconcile corp account, etc. If so, I would appreciate copies of the audit portion in your plan. We are revising the plan, need to clean up this portion, and it would help greatly to see what format your plans have for the audit piece. Thank you in advance! Sherry Wenger, Internal Auditor,Interra CU, Goshen IN 46526, sherryw@interracu.com
I am starting up an audit department with myself as the sole auditor. I am concerned about workpaper review and quality control. Does anyone else out there have a single audit department and how do you handle reviews and sign-offs?Thanks so much!
Does REG O apply to credit unions? REG O definition:Sec. 215.1 Authority, purpose, and scope.(a) Authority. This part is issued pursuant to sections 11(a), 22(g), and 22(h) of the Federal Reserve Act (12 U.S.C. 248(a), 375a, and 375b), 12 U.S.C. 1817(k), section 306 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (Pub. L. 102–242, 105 Stat. 2236 (1991)), section 11 of the Home Owners’ Loan Act (12 U.S.C. 1468), and section 312(b)(2)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5412). (b) Purpose and scope.
Does anyone have a TDR policy that they could share? One that aligns with the new regulations from September? Thanks so so much!
My CU is looking at biometric access to safe deposit boxes. I am not familiar with the technology or the internal controls that should be in place. Does anyone have any experience with this at their CU? What are the pitfalls and the advantages? Any suggestions on procedures? Thanks!
When our new tellers are trained, they shadow a "mentor" teller until they are ready to conduct transactions themselves. The new teller, once ready, will conduct transactions using the "mentor" teller's drawer. That "mentor" teller is instructed to always watch the cash and keep everything dual control. I'm sure that is always the intentions, however I see a large control weakness with this process. The reason why they do this, is because in cases where a line develops, the "mentor" teller can take over the drawer and help serve the members. Once the line goes down, the new teller will
