Independent Banker - August 2019 - 35
TRENDING: COMPLIANCE
How to get audit
fundamentals right
Sample sizes, audit frequency, scope-take some of the
stress out of compliance audits by adhering to audit
best practices. By Mary Thorson Wright
hen it comes to effective compliance auditing,
community banks often have questions about fundamental
issues. How should they sample for coverage? How
can they gauge the frequency and scope of audits? What is
the most effi cient method of audit compliance? Using best
practices can alleviate the stress of audits and contribute to
the most effi cient process and productive outcomes.
Timing is a key factor for planning and conducting effi -
cient and eff ective compliance audits. " The audit schedule
may be planned early and totally independent of the activities
of the line of business (LOB) or compliance and could
confl ict with exams, internal monitoring or other review procedures, "
says Barbara Boccia, senior director, U.S. advisory
services and regulatory relations at Wolters Kluwer. " While
the evaluation and conclusions of audit should be unbiased,
W
alignment among audit, compliance and the LOB to orchestrate
sequential or complementary processes can enhance
effi ciency, coverage and help alleviate the burden on the
LOB. "
Take a Home Mortgage Disclosure Act (HMDA) scrub, for
example. It doesn't benefi t the LOB if both audit and compliance
monitoring are scrubbing the same data at the same
time. Generally, the compliance monitoring schedule is nimbler
than the approved annual audit schedule and may be
adjusted to make better use of the time.
Sorting out inconsistencies
A compliance audit is a prime opportunity for compliance
and the LOB to resolve apparent inconsistencies in bank procedures
or methods of documentation. Boccia says, " What
we see in compliance and audit generally is that audit has
independent procedures and techniques that may result in
fi ndings that come as a surprise to the business and compliance.
Many documents in a loan fi le might support a
independentbanker.org Q 35
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Independent Banker - August 2019
Table of Contents for the Digital Edition of Independent Banker - August 2019
Table of Contents
Independent Banker - August 2019 - Intro
Independent Banker - August 2019 - Cover1
Independent Banker - August 2019 - Cover2
Independent Banker - August 2019 - Table of Contents
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