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Bank Internal Audit: A Working Guide to Regulatory Compliance

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Uncover Lapses in Your Policies and Procedures Before the Examiners Do.

Management and the board of directors spend a lot of time and effort to develop and implement policies and procedures to keep your bank out of trouble and maintain profitability. But if those policies and procedures aren't enforced, you've wasted your time, and the bank could be at risk.

That's why the regulators are demanding internal organizational audits, and why we give you the guidelines for an audit process that works.

Bank Internal Audit: A Working Guide to Regulatory Compliance shows you how to make sure your policies and procedures are being followed. Plus, you get: sample procedures for every key area of the bank, checklists, examples of documentation, and clear guidelines you can use for your own internal audit of your operation. Periodic updates keep your audit function current with the latest compliance issues, so you can help get your bank in line and make sure it stays that way, easily and effectively.

Make Sure Your Organization Is Following Your Rules.

You make the rules. Now make sure they're being followed the way you intended. Unlike financial audits, an organizational audit will involve everyone in the bank at some level.

This Bank Internal Audit manual shows you how to establish audit job descriptions, implement audit reporting systems that give you useful information without disrupting critical workflow, and ensure that the internal auditor remains independent.

The manual shows you how to determine who should be made responsible for specific tasks, what your board of directors needs and how to give it to them, and how to prepare informative reports for management. Sample internal audit procedures are provided for each key area that you can easily adapt to your bank's specific requirements.

Subscribers will receive a downloadable file containing editable forms.

Editable Documents

The publication subscription includes downloadable files delivered through the LexisNexis® Store download center. The downloadable files include the following features:

•  The entire publication is provided in a Folio infobase, offering a robust search engine and the ability to jump from one search match to the next through the entire publication. The Table of Contents for the entire publication can be viewed side-by-side with the text.

•  Editable Microsoft® Word files are included in the Folio infobase and can be downloaded and customized. The Word files are fully formatted and will be updated to reflect changes made in corresponding text sections of the publication. Word files are provided for a variety of documents, including exhibits, checklists, sample policies, sample procedures, sample audits, questionnaires, and model forms.

This publication includes editable Word files for the following documents:

No.     Title
     1.2.     Sample Service Organization Assertions and Service Auditor's Assurance Reports
3.2.     Internal Audit Review Questionnaire
3.3.     Auditor Independence Questionnaire
3.4.     Board/Audit Committee Oversight Questionnaire
4.1.     Internal Audit Procedures Wire Transfer Policy
4.2.     Sample Wire Transfer Policy Internal Audit Checklist
5.01    Strategic Planning Policy
5.02    Regulatory Compliance Policy
5.03    Human Resources Policy
5.04     Management Succession Policy
5.05     Risk Management Policy
5.06     Code of Ethics Policy
5.07     Capital Planning Policy
5.08     Dividend Planning Policy
5.09     Board Supervision Policy
5.10     Affiliate Transactions Policy
5.11     Branching: Community Reinvestment Act Policy
5.12     Marketing Policy
5.13     Training Policy
5.14     Compensation Policy
5.15     New Products/Services Policy
5.16     Charitable Contributions Policy
5.17     Audit Policy
5.18     Internal Control Policy
5.19     Standards for Safety and Soundness Policy
5.20     Management Supervision Policy
5.21     Insider Activities Policy
5.22     Americans with Disabilities Act Policy
5.23     Risk Control Policy
5.24     Customer Data Privacy/Protection Policy
5.25     Financial Modeling Policy
5.26     Due Diligence Policy
5.27     Preventing Elder/Impaired Person Abuse Policy
5.28     Complaints Policy
5.29     Litigation Policy
5.30     Social Media Policy
5.31     Transfer Agent Activities Policy
5.32     Securities Trading Policy
5.33     Securitization Activities Policy
5.34     Foreign Exchange Policy
5.35     Accounts Payable Policy
5.36     Accounting Policy
5.37     Prohibition on Funding
5.38     Incident Response
5.39     USA PATRIOT Act Policy
5.40     International Banking
6.01     Credit Risk Policy
6.02     Loan Review Policy
6.03     Problem Loan Policy
6.04     Allowance for Loan and Lease Losses Policy
6.05     Community Reinvestment Policy (Large Retail Institution Requirements)
6.06     Community Reinvestment Act Policy (Intermediate Small Retail Institution Requirements)
6.07     Community Reinvestment Act Policy (Small Retail Institution Requirements)
6.08     Credit Card Policy
6.09     Accounts Receivable and Inventory Financing Policy
6.10     Loans to Insiders Policy
6.11     Other Real Estate Owned Policy
6.12     Credit Scoring Policy
6.13     Fair Lending Policy
6.14     Real Estate Appraisals and Evaluations Policy
6.15     Trade Financing Policy
6.16     Direct Leasing Policy
6.17     Asset Management Policy
6.18     Mortgage Banking Policy
6.19     Fair Credit Reporting Policy
6.20     Stress Testing Policy
6.21     Concentration of Credit Policy
6.22     Collections Policy
6.23     Asset Securitization Policy
6.24     Subprime Lending Policy
6.25     Bankers' Acceptances Policy
6.26     Commercial Real Estate Policy
6.27     Overdrafts Policy
6.28     Environmental Risk Management Policy
6.29     SAFE Act Policy
6.30     Foreclosure Policy
6.31     Consumer Lending Loan Portfolio Management Policy
6.32     Leverage Finance Policy
7.01     Internal Audit Control Procedures Investments Policy
7.02     Internal Audit Control Procedures Asset/Liability Management Policy
7.03     Internal Audit Control Procedures Profit Planning/Budgeting Policy
7.04     Internal Audit Control Procedures Brokered Funds Policy
7.05     Internal Audit Control Procedures Regulatory Reporting Requirements Policy
7.06     Internal Audit Control Procedures Interest Rate Risk Policy
7.07     Internal Audit Control Procedures Fixed Assets Policy
7.08     Internal Audit Control Procedures Expense Payment Policy
7.09     Internal Audit Control Procedures Retail Nondeposit Investment Sales Policy
7.10     Internal Audit Control Procedures Discount Brokerage Policy
7.11     Internal Audit Control Procedures Outsourcing Policy
7.12     Internal Audit Control Procedures Foreign Exchange Policy
7.13     Internal Audit Control Procedures Regulation R Policy
7.14     Internal Audit Control Procedures Mortgage Loan Originator Compensation Policy
7.15     Internal Audit Control Procedures Purchase of Life Insurance Policy
7.16     Internal Audit Control Procedures Private Banking Policy
7.17     Accounts Policy
7.18     Servicing Policy
8.01     Bank Security Procedures
8.02     Contingency Planning and Disaster Recovery Procedures
8.03     Bank Secrecy Act Procedures
8.04     Bank Secrecy Act: Customer Identification Program Procedures
8.05     Personal Computer Security Procedures
8.06     Information Security Procedures
8.07     Daylight Overdraft Procedures
8.08     Electronic Data Processing Procedures
8.09     Expedited Funds Availability Procedures
8.10     Record Retention and Recordkeeping Procedures
8.11     Wire Transfer Procedures
8.12     Deposit Procedures
8.13     Purchasing Procedures
8.14     Personal Banking Procedures
8.15     Servicing Arrangements Procedures
8.16     Interbank Liability Procedures
8.17     Consigned Items Procedures
8.18     Debit Card Program Procedures
8.19     Basic Financial Services Procedures
8.20     Identity Theft Risk Procedures
8.21     Contracts with Vendors Procedures
8.22     Automated Clearing House Procedures
8.23     Prepaid Card Program Procedures
8.24     Mortgage Banking Procedures
8.25     Night Deposit Procedures
8.26     Safe Deposit Box Procedures
8.27     Teller Operations Procedures
8.28     Service Fees Procedures
8.29     Call (Phone) Center Procedures
8.30     Remote Deposit Capture (RDC) Procedures
8.31     Vendor Management Procedures
8.32     Mobile Banking Procedures
8.33     Unclaimed Property/Escheat Procedures
8.34     Data Management and MIS Procedures
8.35     Identity Theft Prevention Procedures
8.36     Do Not Call Procedures
8.37     Social Media Procedures
8.38     Outsourcing Information Security Procedures
8.39     Economic Sanctions
8.40     Incident Response
8.41     Security Procedures
8.42     Prohibition on Funding
9.01     Internal Audit Control Procedures Data Processing Security Policy
9.02     Internal Audit Control Procedures Risk Assessment and Insurance Policy
9.03     Internal Audit Control Procedures Data Processing Management Steering Committee Policy
9.04     Internal Audit Control Procedures Data Processing Servicing Arrangements Policy
9.05     Internal Audit Control Procedures Data Processing Short- and Long-Range Planning Policy
9.06     Internal Audit Control Procedures Electronic Fund Transfer Systems Policy
9.07     Internal Audit Control Procedures Emergency and Disaster Recovery Policy
9.08     Internal Audit Control Procedures Computer Operations Policy
9.09     Internal Audit Control Procedures Software, Programming, and Package Purchase Policy
9.10     Internal Audit Control Procedures Microcomputer Policy
9.11     Internal Audit Control Procedures Small Bank Data Processing Policy
9.12     Internal Audit Control Procedures Internal and External EDP Audit Policy
9.13     Internal Audit Control Procedures Accounting for Software Development Costs Policy
9.14     Internal Audit Control Procedures Ethics and Employee Conduct for DP Personnel Policy
9.15     Internal Audit Control Procedures Local Area Networks Policy
9.16     Internal Audit Control Procedures Data Processing Management Policy
9.17     Internal Audit Control Procedures Training and Education Policy
9.18     Internal Audit Control Procedures Contracts with Vendors Policy
9.19     Internal Audit Control Procedures Forms Management Policy
9.20     Internal Audit Control Procedures Service Request Policy
9.21     Internal Audit Control Procedures Personal Computer End User Security Policy
9.22     Internal Audit Control Procedures Forms Design Policy
9.23     Internal Audit Control Procedures Electronic Imaging Policy
9.24     Internal Audit Control Procedures Microcomputer Controls Policy
9.25     Internal Audit Control Procedures Transaction Processing Policy
9.26     Internal Audit Control Procedures Compliance Policy
9.27     Internal Audit Control Procedures Electronic Banking Policy
9.28     Internal Audit Control Procedures E-Mail Systems Policy
9.29     Internal Audit Control Procedures Internet Access Policy
9.30     Internal Audit Control Procedures PC/LAN Management Policy
9.31     Internal Audit Control Procedures Online Privacy Policy
9.32     Internal Audit Control Procedures Outsourcing Policy
9.33     Internal Audit Control Procedures Data Management and Management Information Systems Policy
9.34     Internal Audit Control Procedures Electronic Banking Information Authentication Policy
9.35     Internal Audit Control Procedures Terrorism Policy
9.36     Internal Audit Control Procedures Server Security Policy
9.37     Internal Audit Control Procedures Outsourcing Information Security Policy
9.38     Internal Audit Control Procedures Data and Records Destruction Policy
9.39     Internal Audit Control Procedures Controls Review Policy
10.01  Strategic Planning Policy Internal Audit Checklist
10.02  Regulatory Reporting Policy Internal Audit Checklist
10.03   Management Succession Policy Internal Audit Checklist
10.04   Capital Planning Policy Internal Audit Checklist
10.05   Dividend Planning Policy Internal Audit Checklist
10.06   Board Supervision Policy Internal Audit Checklist
10.07   Affiliate Transactions Policy Internal Audit Checklist
10.08   Branching: Community Reinvestment Act Policy Internal Audit Checklist
10.09   Marketing Policy Internal Audit Checklist
10.10   Compensation Policy Internal Audit Checklist
10.11   New Products/Services Policy Internal Audit Checklist
10.12   Charitable Contributions Policy Internal Audit Checklist
10.13   Audit Policy Internal Audit Checklist
10.14   Internal Control Policy Internal Audit Checklist
10.15   Standards for Safety and Soundness Policy Internal Audit Checklist
10.16   Management Supervision Policy Internal Audit Checklist
10.17   Insider Activities Policy Internal Audit Checklist
10.18   Americans with Disabilities Act Policy Internal Audit Checklist
10.19   Risk Management Policy Internal Audit Checklist
10.20   Code of Ethics Policy Internal Audit Checklist
10.21   Human Resources Policy Internal Audit Checklist
10.22   Training Policy Internal Audit Checklist
10.23   Risk Control Policy Internal Audit Checklist
10.24   Customer Data Protection/Privacy Policy Internal Audit Checklist
10.25   Financial Modeling Policy Internal Audit Checklist
10.26   Bank Holding Company — CRA Policy Internal Audit Checklist
10.27   Due Diligence — Acquisitions Policy Internal Audit Checklist
11.01   Credit Risk Policy Internal Audit Checklist
11.02   Internal Audit Control Procedures International Credit Risk Policy
11.03   Loan Review Policy Internal Audit Checklist
11.04   Community Reinvestment Act Policy (Large Retail Institutions) Internal Audit Checklist
11.05   Community Reinvestment Act Policy (Intermediate Small Institution) Internal Audit Checklist
11.06   Community Reinvestment Act Policy (Small Retail Institutions) Internal Audit Checklist
11.07   Credit Card Policy Internal Audit Checklist
11.08   Accounts Receivable and Inventory Financing Policy Internal Audit Checklist
11.09   Loan to Insiders Policy Internal Audit Checklist
11.10   Other Real Estate Owned Policy Internal Audit Checklist
11.11   Problem Loan Policy Internal Audit Checklist
11.12   Allowance for Loan and Lease Losses (ALLL) Policy Internal Audit Checklist
11.13   Credit Scoring Policy Internal Audit Checklist
11.14   Fair Lending Policy Internal Audit Checklist
11.15   Real Estate Appraisals and Evaluation Policy Internal Audit Checklist
11.16   Banker's Acceptance Policy Internal Audit Checklist
11.17   Trade Financing Policy Internal Audit Checklist
11.18   Asset Management Policy Internal Audit Checklist
11.19   Direct Leasing Policy Internal Audit Checklist
Functional Area: Lending 11.20   International Loans and Current Account Advances Policy Internal Audit Checklist
11.21   International Banking — Transfer Risk Policy Internal Audit Checklist
11.22   Emerging Market Country Products and Trading Activities Policy Internal Audit Checklist
11.23   Financing Foreign Receivables Policy Internal Audit Checklist
11.24   Mortgage Banking Policy Internal Audit Checklist
11.25   Fair Credit Reporting Policy Internal Audit Checklist
11.26   Stress Testing Policy Internal Audit Checklist
11.27   Concentration of Credit Policy Internal Audit Checklist
11.28   Collections Policy Internal Audit Checklist
11.29   Asset Securitization Policy Internal Audit Checklist
11.30   Commercial Real Estate Policy Internal Audit Checklist
12.01   Investments Policy Internal Audit Checklist
12.02   Asset/Liability Management Policy Internal Audit Checklist
12.03   Brokered Funds Policy Internal Audit Checklist
12.04   Retail Nondeposit Investment Sales Policy Internal Audit Checklist
12.05   Outsourcing Policy Internal Audit Checklist
12.06   Fixed Asset Policy Internal Audit Checklist
12.07   Foreign Exchange Policy Internal Audit Checklist
12.08   Guaranties Issued Policy Internal Audit Checklist
12.09   Bank Holding Company — Asset/Liability Management Policy Internal Audit Checklist
12.10   Accounts Payable Policy Internal Audit Checklist
12.11   Discount Brokerage Policy Internal Audit Checklist
12.12   Profit Planning/Budgeting Policy Internal Audit Checklist
12.13   Regulatory Reporting Policy Internal Audit Checklist
12.14   Interest Rate Risk Policy Internal Audit Checklist
12.15   Expense Payments Policy Internal Audit Checklist
12.16   Transfer Agent Activities Policy Internal Audit Checklist
12.17   Securities Trading Policy Internal Audit Checklist
12.18   Securitization Activities Policy Internal Audit Checklist
12.19   Due from/Due to Correspondent Accounts Policy Internal Audit Checklist
12.20   Purchase of Insurance Policy Internal Audit Checklist
12.21   International Due-From Banks — Time Policy Internal Audit Procedures
12.22   Advisory Services — International Banking Activities Policy Internal Audit Procedures
12.23   Hedging Policy Internal Audit Procedures
12.24   Origination and Distribution Activities Policy Internal Audit Procedures
12.25   Investment Securities: Domestic and International Policy Internal Audit Procedures
12.26   Borrowed Funds: Domestic and International Policy Internal Audit Procedures
12.27   Private Placements Policy Internal Audit Procedures
12.28   Due-From Foreign Banks — Demand (Nostro Accounts) Policy Internal Audit Procedures
12.29   Cash Accounts: Domestic and International Policy Internal Audit Procedures
13.01   Electronic Data Processing Policy Internal Audit Checklist
13.02   Expedited Funds Availability Policy Internal Audit Checklist
13.03   Wire Transfer Policy Internal Audit Checklist
13.04   Deposit Policy Internal Audit Checklist
13.05   Interbank Liability Policy Internal Audit Checklist
13.06   Bank Secrecy Act Policy Internal Audit Checklist
13.07   Information Security Policy Internal Audit Checklist
13.08   Daylight Overdraft Policy Internal Audit Checklist
13.09   Record Retention and Recordkeeping Policy Internal Audit Checklist
13.10   Personal Computer Security Policy Internal Audit Checklist
13.11   Bank Security Policy Internal Audit Checklist
13.12   Contingency Planning and Disaster Recovery Policy Internal Audit Checklist
13.13   Bank Secrecy Act: Customer Identification Program (CIP) Subpolicy Internal Audit Checklist
13.14   Consigned Items Policy Internal Audit Checklist
13.15   Purchasing Policy Internal Audit Checklist
13.16   Debit Card Program Policy Internal Audit Checklist
13.17   Basic Financial Services Policy Internal Audit Checklist
13.18   Identity Theft Risk Policy Internal Audit Checklist
13.19   Contracts with Vendors Policy Internal Audit Checklist
13.20   Personal Banking Policy Internal Audit Checklist
13.21   Automated Clearing House Policy Internal Audit Checklist
13.22   Prepaid Cards Program Policy Internal Audit Checklist
13.23   Mortgage Banking Policy Internal Audit Checklist
13.24   Night Deposit Policy Internal Audit Checklist
13.25   Safe Deposit Box Policy Internal Audit Checklist
13.26   Teller Operations Policy Internal Audit Checklist
13.27   Service Fees Policy Internal Audit Checklist
14.01   Emergency and Disaster Recovery Policy Internal Audit Checklist
14.02   Software, Programming, and Package Purchase Policy Internal Audit Checklist
14.03   Microcomputer Policy Internal Audit Checklist
14.04   Small Bank Data Processing Policy Internal Audit Checklist
14.05   Internal and External EDP Audit Policy Internal Audit Checklist
14.06   Accounting for Software Development Costs Policy Internal Audit Checklist
14.07   Ethics and Employee Conduct for DP Personnel Policy Internal Audit Checklist
14.08   Local Area Networks Policy Internal Audit Checklist
     14.09   Data Processing Management Policy Internal Audit Checklist
14.10   Data Processing Training and Education Policy Internal Audit Checklist
14.11   Data Processing Contracts with Vendors Policy Internal Audit Checklist
14.12   Data Processing Forms Management Policy Internal Audit Checklist
14.13   Service Request Policy Internal Audit Checklist
14.14   Personal Computer End User Security Policy Internal Audit Checklist
14.15   Forms Design Policy Internal Audit Checklist
14.16   Electronic Imaging Policy Internal Audit Checklist
14.17   Microcomputer Controls Policy Internal Audit Checklist
14.18   Transaction Processing Policy Internal Audit Checklist
14.19   Electronic Funds Transfer Systems Policy Internal Audit Checklist
14.20   Compliance Policy Internal Audit Checklist
14.21   Electronic Banking Policy Internal Audit Checklist
14.22   E-Mail Systems Policy Internal Audit Checklist
14.23   Security Policy Internal Audit Checklist
14.24   Risk Assessment and Insurance Policy Internal Audit Checklist
14.25   Management Steering Committee Policy Internal Audit Checklist
14.26   Servicing Arrangements Policy Internal Audit Checklist
14.27   Internet Access Policy Internal Audit Checklist
14.28   Data Processing Short- and Long-Range Planning Policy Internal Audit Checklist
14.29   PC/LAN Management Policy Internal Audit Checklist
14.30   Online Privacy Policy Internal Audit Checklist
14.31   Outsourcing Policy Internal Audit Checklist
14.32   Data Management and Management Information Systems Policy Internal Audit Checklist
14.33   Electronic Banking Information Authentication Policy Internal Audit Checklist
14.34   Terrorism Policy Internal Audit Checklist
14.35   Server Security Policy Internal Audit Checklist
14.36   Data and Records Destruction Policy Internal Audit Checklist
14.37   Controls Review Policy Internal Audit Checklist Functional Area: Data Processing
14.38   Outsourcing Information Security Policy Internal Audit Checklist Functional Area: Data Processing
14.39   Remote Deposit Capture Policy Internal Audit Checklist

Authors / Contributors

Table of Contents

Part I: Overview of the Internal Audit Function

Chapter 1 Overview of the Internal Audit Function

Chapter 2 Organizing the Internal Audit Function

Chapter 3 Developing Audit Scope

Chapter 4 Preparing Internal Audit Procedure Work Papers, Performing Audit Sampling, and Using Internal Audit Policy Checklists

Part II: Executive Internal Audit Control Procedures

Chapter 5 Executive Internal Audit Control Procedures

Chapter 6 Lending Internal Audit Control Procedures

Chapter 7 Finance Internal Audit Control Procedures

Chapter 8 Operations Internal Audit Procedures

Chapter 9 Data Processing Internal Audit Control Procedures

Chapter 10 Executive Internal Audit Policy Checklists

Chapter 11 Lending Internal Audit Policy Checklists

Chapter 12 Finance Internal Audit Policy Checklists

Chapter 13 Operations Internal Audit Policy Checklists

Chapter 14 Data Processing Internal Audit Policy Checklists

Part III:
Appendixes


Appendix A: FDIC FIL-96-99, Re: Interagency Policy Statement on External Auditing Programs of Banks and
Savings Associations,
October 25, 1999.

Appendix B: OCC, Bank Failure: An Evaluation of the Factors Contributing to the Failure of National Banks,
June 1988. This report contains specific commentary referring to the correlation between problem
and/or failed banks and the absence of sound internal audit policies, procedures and controls.

Appendix C: OCC, Comptroller’s Handbook of Internal and External Audits, April 2003. This handbook can be used as a checklist for evaluating internal and external audit policies.

Appendix D: OCC, Comptroller’s Handbook for National Bank Examiners, September 2007.

Appendix E: OCC bulletin 2003-12, Re: Interagency Policy Statement on Internal Audit and Internal Outsourcing: Revised guidance, March 17, 2003.

Appendix F: FFIEC Information Technology (IT) Handbook, Audit Booklet, April 2003.

Appendix G: FDIC FIL-33-2009, Final Amendment to Part 363, June 23, 2009.