Written Specifically for Auditors
Author: Regulatory Compliance Associates, Inc. (REGCOM)
Format/Frequency of Update: 3-Ring Binder with CD/
2 updates annually
Price: $499
Plus shipping and handling.
Sales Tax: for NY, TX, DC, CT orders only.
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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.
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