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Trust Services Audit Manual

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With the upheavals in the economy, 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 audit manual, written with the complex nature of trust services in mind, provides wide-ranging audit practice tools for trust department managers.

The 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
•  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

The Trust Services Audit Manual saves the trust department auditor time and effort -- and money -- with the following features:

•  Facilitates the development of detailed, written practices and policies, and the procedures and checklists to implement them
•  Provides materials necessary to ensure that your audit program is effective and remains effective
•  Written in a clear, step-by-step style, making it easy to implement the most effective audit techniques
•  Provides customizable policies, procedures, and checklists that allow managers to develop tools uniquely suited to their institution’s audit program
•  Provides updates to make it easier to keep up with and integrate new changes into their audit program

Subscribers will receive a downloadable file containing editable forms
The eBook versions of this title feature links to Lexis Advance for further legal research options.

Authors / Contributors

Table of Contents

Chapter 1 Audit Considerations in a Financial Institution

Impact of Laws, Regulations, and Policy Guidance on Audits

SOX and Non-Public Companies with Less Than $500 Million in Assets

SOX and Companies with More Than $500 Million in Assets

Critical Elements of Corporate Governance

Board and Management Responsibilities

Audit Programs

Internal Audit Function

Risk Assessment and Risk-Based Auditing

Trust Controls

Internal Audit Program

Independence and Competence

Guidelines

Special Situations

Relationship with Regulatory Agencies



Chapter 2 Establishing an Internal/External Audit Approach

Developing a General Internal Audit Function

Formal Policy Statement

Establishing Job Descriptions

Internal Audit Staff Requirements

Rotating Assignments

Reporting Requirements

Relationship with External Audit



Chapter 3 Designing an Audit Program

Audit Program Considerations

Components of an Audit Program

Developing Audit Scope

Internal Audit Procedure Work Papers

Fiduciary Audit Risk Assessment Tools



Chapter 4 Sample Trust Audit Program

Trust Audit Program

Fiduciary (Trust) Audits

Board of Directors Fiduciary (Trust) Audit Committee

Trust Department Audit Objectives

Internal and External Trust Audits

Competence and Independence

Trust Audit Program

Audit of Trust Function Controls

Audits of Common Procedures and Administrative Audits

Audit Records and Reports

Risk-Based Trust Audits

Annual Asset Review on Fiduciary Accounts

Starting Out



Chapter 5 Auditing Trust Accounting Systems and Records

Trust Accounting Systems and Records
Trust Accounting Systems and Records Checklist
Trust Accounting Systems and Records Internal Audit Checklist



Chapter 6 Auditing Trust Administration Practices

Personal (and Court) Account Administration Audit Procedures Checklist, Internal Audit Checklist and Worksheet

Employee Benefit Trust Checklist

Employee Benefit Accounts Internal Audit Checklist

Employee Benefits Worksheet Employee Stock Ownership Plans Worksheet

Corporate (and Agency) Trust Internal Audit Checklist and Worksheet

Common and Collective Funds Internal Audit Checklist and Worksheet

Trust Department Personnel and Committees Audit Procedures Checklist

Legal Counsel and Litigation Audit Procedures Checklist

Separation of Records-Required Records-Accounting and Recordkeeping Audit Procedures Checklist

Customer Communication Audit Procedures Checklist

Data and Records Destruction Audit Procedures Checklist

Customer Complaint Audit Procedures Checklist

Valuation of Plan Assets Audit Procedures Checklist

Communication with Beneficial Owners Audit Procedures Checklist

Retirement Plan Services Audit Procedures Checklist

Annual Reviews of Fiduciary Accounts Audit Procedures Checklist

Preventing Elder/Impaired Person Abuse Policy Audit Procedures Checklist



Chapter 7 Auditing Asset Administration

Portfolio Management and Advisory Services Audit Procedures Checklist and Worksheet

Portfolio Management Internal Audit Checklist

Marketable Securities Internal Audit Checklist

Mutual Funds Services Audit Procedures Checklist and Internal Audit Checklist

Real Estate Interests Internal Audit Checklist

Closely Held Business Interests Internal Audit Checklist

Miscellaneous Assets Audit Procedures Checklist and Internal Audit Checklist

Insurance Products Audit Procedures Checklist and Internal Audit Checklist

Private Banking Audit Procedures Checklist and Internal Audit Checklist

Securities Trading and Related Activities Audit Procedures Checklist

Self-Dealing Audit Procedures Checklist

Regulation R Audit Procedures Checklist

Trust Investment Committee Audit Procedures Checklist

Investment Quality Standards Audit Procedures Checklist

Risk Classification of Accounts Audit Procedures Checklist

Account Reviews Audit Procedures Checklist

Security Lists Audit Procedures Checklist

Fiduciary Duties — Employee Benefit Accounts Audit Procedures Checklist

Use of Derivative Securities Audit Procedures Checklist

Divestiture of Certain Asset Management Business Audit Procedures Checklist

Regulation R Exceptions Audit Procedures Checklist

Discretionary Distributions Audit Procedures Checklist and Internal Audit Checklist

Changes in Account Relationship and Duties Audit Procedures Checklist and Internal Audit Checklist

Securities Pledged as Collateral to Client Loans Audit Procedures Checklist and Internal Audit Checklist

Securities Pledged for Client Loans with Other Banks Audit Procedures Checklist and Internal Audit Checklist

Account Liabilities Audit Procedures Checklist and Internal Audit Checklist

Inventory and Disposition of Personal Property Audit Procedures Checklist and Internal Audit Checklist

Impartial Treatment of Beneficiaries Audit Procedures Checklist and Internal Audit Checklist

Tax Preparation and Fee Charges Procedures Checklist and Internal Audit Checklist

Death of Trustor Audit Procedures Checklist and Internal Audit Checklist

Directed Accounts — Employee Benefit Trust Account Administration Audit Procedures Checklist and Internal Audit Checklist

Directed Accounts — Employee Benefit Trust Account Administration

Unique and Hard-to-Value Assets Audit Procedures Checklist and Internal Audit Checklist

Self-Deposit Fiduciary Funds Audit Procedures Checklist and Internal Audit Checklist

First Response Audit Procedures Checklist and Internal Audit Checklist

Trust Audit Procedures Checklist



Chapter 8 Auditing Trust Operations

Custody and Related Controls Audit Procedures Checklist

Custody and Related Controls Internal Control Checklist — Internal Audit

Custody and Related Controls Internal Control Checklist — Global Custody

Conflicts of Interest Audit Procedures Checklist and Internal Audit Checklist

Assets Processing and Recordkeeping Audit Procedures Checklist and Internal Audit Checklist

Stock Transfer Agency Worksheet

Paying Agent and Bond Registrar Worksheet

Escrow Agent Worksheet

Separation of Duties Matrix

Information Systems Audit Procedures Checklist

Data and Records Destruction Audit Procedures Checklist and Internal Audit Checklist

Contracts with Vendors Audit Procedures Checklist

Contracts with Vendors Internal Audit Checklist

Customer Data Protection/Privacy Audit Procedures Checklist and Internal Audit Checklist

Identity Theft Audit Procedures Checklist and Internal Audit Checklist

Information IT Security Internal Audit Checklist

Contingency Planning and Disaster Recovery Audit Procedures Checklist and Internal Audit Checklist

Purchase of Insurance Audit Procedures Checklist and Internal Audit Checklist

Controls Review Audit Procedures Checklist and Internal Audit Checklist

Safe Deposit Box Operations Audit Procedures Checklist and Internal Audit Checklist

Service Fees Audit Procedures Checklist and Internal Audit Checklist


Chapter 9 Auditing Regulatory Risk Issues

Regulatory Risk Audit Procedures Checklist

Bank Secrecy Act Audit Procedures Checklist

Bank Secrecy Act Internal Audit Procedures Checklist

Consumer Right to Financial Privacy Internal Audit Checklist

Sale of Retail Nondeposit Investment Products Internal Audit Checklist

Truth in Savings Internal Audit Checklist

Expedited Funds Availability Act Internal Audit Checklist

Consumer Protection for Depository Institution Sale of Insurance Products Internal Audit Checklist

Securities Regulations (Regulation T, U, AND X) Internal Audit Checklist

Truth In Lending Internal Audit Checklist

Equal Credit Opportunity Act Internal Audit Checklist

Fair Credit Reporting Act Internal Audit Checklist

Electronic Banking Guidelines Internal Audit Checklist

State Escheat Laws Internal Audit Checklist

Unfair or Deceptive Acts or Practices Internal Audit Checklist

Regulation S: Reimbursement for Assembling or Providing Financial Records Audit Procedures and
Procedures Checklist

Regulation W: Transactions with Affiliates Audit Procedures and Procedures Checklist

Lost and Stolen Securities Audit Procedures: 17 CFR 240.17f-1 and Internal Audit Checklist



Chapter 10 Trust Audit Training Program

Implementing a Trust Audit Training Program

Finding Support for Trust Audit Training Program

Training Required for Trust Operations Audit

Focus of Trust Operational Risks as a Goal of Trust Audit Training

Statement of Trust Audit Training Objectives

Implementation of the Audit Training Policy

Sample Trust Audit Training Program Policy, Procedures and Audit Procedures Checklist



Appendix A Agency Issuances and Interpretive Letters


Appendix B Glossary




The eBook versions of this title feature links to Lexis Advance for further legal research options.