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Trust Services Audit Manual
Author:
Michael J.Craw
(Author)
Michael J. Craw covers all aspects of audit programs for the trust services department: minimum requirements for internal and external audit programs, identification of board and management responsibilities, establishing and implementing a range of audit programs, executing internal audit programs, performing risk assessments and risk-based audits, and ensuring independence and competence.
Publisher: LexisNexis Sheshunoff
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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
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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
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
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