Trust Services Audit Manual

Written Specifically for Auditors

Author: Regulatory Compliance Associates, Inc. (REGCOM)
Format/Frequency of Update: Looseleaf with CD/ 2 updates annually
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With the onset of the USA PATRIOT Act and the investment banking restrictions under Sarbanes-Oxley, ensuring that there are proper controls for trust services in financial institutions has never been more important. Ever since the restrictions on non-traditional services were removed under Gramm-Leach-Bliley, banks have gotten more deeply involved in trust and wealth management services for their customers. But with these enhanced business opportunities come risks. Making certain that trust departments meet their compliance standard is critical to keeping such services alive. This new audit manual will provide wide-ranging audit practice tools for trust departments.

Trust Services Audit Manual covers all aspects of an audit program for the trust services department:

laws and regulations that establish minimum requirements for internal and external audit programs (including the impact of the Sarbanes-Oxley Act of 2002)
identifying board and management responsibilities
setting up and implementing the audit programs (fiduciary audit, IT audit, compliance audit, operational audit, etc.)
executing the internal audit program, performing risk assessments and risk-based audits
ensuring independence and competence, and reporting the audit findings
provides sample policies and checklists, and corresponding procedures and checklists

A CD accompanies the book, allowing you to customize the work tools, templates and other sample documents that appear.

Features/Benefits

Facilitates the development of detailed, written practices, policies and the procedures to implement them.
Provides sample policies and checklists, and corresponding procedures and checklists.
Provides materials necessary to ensure that your audit program is effective and remains effective.
The clear step-by-step style makes it easy to implement the most effective audit techniques.
All policies, procedures, and checklists are provided on the CD, making it easy for management to customize and use the checklists.
Provides updates to make it easier to keep up with and integrate new changes.

Contents

Chapter 1: Determining the Objectives of the Trust Audit
Chapter 2: Establishing Trust Audit Procedures

Allocating Resources to Ensure Adequate Coverage
Risk Analysis of Trust Department to Establish Audit Coverage
Timetable for Audits: Frequency, Scope, and Timing

Chapter 3: Designing the Program

Statement of Program
Use of Risk Analysis to Set Scope, Sample Size, and Frequency
Elements of the Audit Program including Procedures, Internal Control Questionnaires, and Verification Worksteps
Audit Documentation
Audit Reports

Chapter 4: Sample Trust Audit Program

Statement of Audit Objectives
Risk Analysis Section
Procedures
Questionnaires including Internal Controls Review
Testing Worksheets
Review for Regulatory Compliance and Reporting Accuracy
Audit Worksheets
Audit Report

Chapter 5: Auditing Policy and Regulatory Issues

Truth in Advertising
BSA and CIP focuses
Truth in Savings
Custody of Assets
Employee Management
Dealing with Agents, Dealers, Advisors, and Affiliates
Conflicts of Interest
Affiliation Agreements
Attorney Relationships
Compensation
Disaster Recovery
Record Keeping
Customer Privacy
Electronic Banking Systems

Chapter 6: Auditing Trust Administration Practices

Auditing Estate Planning Services
Auditing Benefit Plan Administration Activities

Chapter 7: Auditing Investment Sales and Management Practices

Chapter 8: Auditing Mutual Fund and Sales of Retail Nondeposit Product Activities

Chapter 9: Managing Compliance Audits

Chapter 10: Auditing for Ethical Standards

Chapter 11: Audit Follow Up Considerations and Recommendations

What To Consider
How To Track
Testing To Ensure Corrective Actions Are Accurate

About the Author

Regulatory Compliance Associates, Inc. (REGCOM) provides regulatory compliance products and services to financial institutions. The firm provides consulting assistance to accounting firms, trade associations, financial institutions, and other business firms that support the financial industry.

REGCOM was established in 1988 by Jerry Miller. Mr. Miller was formerly with KPMG Peat Marwick, where he served as practice leader for the Financial Institutions Regulatory Compliance Consulting Practice. Before joining KPMG Peat Marwick, Mr. Miller served as a field examiner and member of the regional/district management teams of the Office of the Comptroller of the Currency. REGCOM is staffed by individuals who have regulatory examination and banking experience, and also policy or procedural decision-making backgrounds. Each staff member focuses specifically on one or more regulatory areas affecting financial institutions and has written numerous articles on compliance and financial services.