Lexis Nexis Internal Auditing Manual for Credit Unions
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Now you can do your credit union’s internal audits by the book and be sure you’re covering it all. The Internal Auditing Manual for Credit Unions puts everything you need in one easy-to-use resource:
• How to set up an Audit Department
• Development of an Audit Program
• Detailed Audit Programs you can adapt for your credit union
• How to write an Audit Report
• Sample reports
• Sample workpapers
The manual is organized by the areas and functions requiring internal audits in a credit union. Each audit program is presented with an overview section to introduce and explain the major components of the audit, followed by detailed checklists and a questionnaire to help gather necessary information before the audit. The Internal Auditing Manual for Credit Unions also helps you identify and address areas of risk before they become a problem. Periodic updates help you modify and update your internal audit programs as laws, regulations, and best practices change. We even show you how to test your internal controls and document their effectiveness for your next exam!
eBook and print subscribers will receive access to a downloadable file containing editable forms.
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Editable DocumentsThe 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
Appendix 1.1 Sample Audit Schedule
2.03.1 Audit Program Rating Internal Review
2.1 Preliminary Audit Checklist
2.2 Internal Control Questionnaire
2.3 Summary of Previous Audit Findings
2.4 Guidance on Sampling
2.5 Internal Audit Review Questionnaire
3.02 DIRECTOR DUTIES AND RESPONSIBILITIES REVIEW
3.03 MANAGEMENT ASSESSMENT REVIEW (CORE ANALYSIS)
3.04 MANAGEMENT ASSESSMENT REVIEW (EXTENDED ANALYSIS)
3.05 OPERATIONS ANALYSIS REVIEW (CORE ANALYSIS)
3.06 OPERATIONS ANALYSIS REVIEW (EXTENDED ANALYSIS)
3.07 RELATED ORGANIZATIONS REVIEW (CORE ANALYSIS)
3.08 RELATED ORGANIZATION REVIEW (EXTENDED ANALYSIS)
3.09 OUTSIDE AUDITOR REVIEW
3.10 LENDING OVERVIEW REVIEW
3.11 TRANSACTIONS WITH AFFILIATES AND INSIDERS REVIEW
3.12 SUPERVISION OF TECHNOLOGY SERVICE PROVIDERS REVIEW
3.13 MANAGEMENT ASSESSMENT QUESTIONNAIRE
3.14 OVERSIGHT BY THE BOARD OF DIRECTORS QUESTIONNAIRE
4.03.1 Accounting Department Review
4.03.2 Financial Records and Reports Review
4.03.3 Security Review
4.03.4 Accounts Payable and Accrued Expenses Review
4.03.5 Accruals Receivable Review
4.03.6 Payroll Review
4.03.7 Payroll Register Review
4.03.8 Credit Union (Official) Checks Review
4.03.9 Balance Sheet Review
4.03.10 Cash Review
4.03.11 Cash Flow and Liquidity Management Review
4.03.12 Cash in Banks or Corporate Credit Unions Review
4.03.13 Cash Receipts and Disbursements Review
4.03.14 Cash Accounts Review
4.03.15 Due from Banks (Corporate Credit Union) Review
4.03.16 Borrowed Funds Review
4.03.17 Earnings Review
4.03.18 Earnings Review (Extended Analysis)
4.03.19 Deferred Charges and Other Assets Review
4.03.20 Deferred Income Review
4.03.21 Expenses Review
4.03.22 General Ledger Review
4.03.23 Income and Fees Review
4.03.24 Journal Entries Review
4.03.25 Prepaid Expenses and Other Assets Review
4.03.26 Reserve Requirements (Regulation D) Review
4.03.28 Wire Transfer Operations Review
4.03.29 Year-End Review
4.03.30 Other Borrowed Money Review
4.03.31 Other Income and Expenses Review
4.03.32 Accounting Department Questionnaire
4.03.33 Accounts Payable and Accrued Expenses Questionnaire
4.03.34 Accruals Receivable Questionnaire
4.03.35 Payroll Questionnaire
4.03.36 Credit Union (Official) Checks Questionnaire
4.03.37 Cash in Banks or Corporate Credit Unions Questionnaire
4.03.38 Expenses Questionnaire
4.03.39 General Ledger Questionnaire
4.03.40 Income and Fees Questionnaire
4.03.41 Prepaid Expenses and Other Assets Questionnaire
4.03.42 Wire Transfer Operations Questionnaire
4.03.43 Cash Accounts Questionnaire
4.03.44 Due From Banks Questionnaire
4.03.45 Borrowed Funds Questionnaire
4.04.1 Accounts Payable/Accrued Expenses
4.04.1 Accruals Receivable
4.04.1 Cash-on-Hand (Working Fund)
4.04.1 Bank Reconciliation Report
4.04.1 Bank Reconciliation Report (Outstanding Checks)
4.04.1 General Ledger
4.04.1 Cash Receipts/Disbursements (Check Register)
4.04.1 Expenses
4.04.1 General Ledger: Expense Account
4.04.1 General Ledger
4.04.1 General Ledger: Prepaid Expenses/Accounts Receivable
5.02.1 Consumer Lending Review
5.02.2 Leasing Review
5.02.3 Mobile Home Review
5.02.4 Student Loan Review
5.02.5 Consumer Installment Lending Review
5.02.6 Indirect Lending Review (Core Analysis)
5.02.7 Indirect Lending Review (Expanded Analysis)
5.02.8 Credit Card Lending Review (Core Analysis)
5.02.9 Credit Card Lending Review (Extended Analysis)
5.02.10 Home Equity Lines of Credit Review
5.02.11 Floor Plan Loan Review
5.02.12 Consumer and Check Credit Review
5.02.13 Consumer Credit Review
5.02.14 Paperless Title Review
5.02.15 Direct Lease Financing Review
5.02.16 Subprime Lending Review
5.02.17 Consumer Credit Internal Control Questionnaire
5.02.18 Consumer Lending Questionnaire
5.02.19 Leasing Questionnaire
5.02.20 Student Loan Questionnaire
5.02.21 Indirect Lending Questionnaire
5.02.22 Credit Card Lending Questionnaire
5.02.23 Home Equity Lines of Credit (HELOC) Questionnaire
5.03.1 Consumer Leasing Worksheet
5.03.2 Sample Consumer Loan Audit Forms
5.03.3 Home Equity Lines of Credit Worksheet
5A.09 MEMBER BUSINESS LENDING REVIEW
5A.10 MEMBER BUSINESS LENDING PORTFOLIO REVIEW
5A.11 MEMBER BUSINESS LOANS QUESTIONNAIRE
5A.12 CONSTRUCTION AND LAND DEVELOPMENT REVIEW
5A.13 COMMERCIAL/INDUSTRIAL REAL ESTATE LOAN REVIEW
5A.14 AGRICULTURE LENDING REVIEW
5A.15 REAL ESTATE DEVELOPMENT REVIEW
6.04 FHA PROPERTY IMPROVEMENT LENDING (TITLE I) REVIEW
6.05 FHA LOANS REVIEW
6.06 VA LOANS REVIEW
6.07 FNMA QUALITY CONTROL VERIFICATION REVIEW
6.08 FREDDIE MAC LOANS REVIEW
6.09 ESCROW (IMPOUND) ACCOUNTS REVIEW
6.10 LOANS MADE AT BRANCH OFFICES REVIEW
6.11 APPRAISAL REVIEW
6.12 APPRAISAL TEST REVIEW
6.13 REAL ESTATE APPRAISAL REVIEW
6.14 CONVENTIONAL LOANS REVIEW
6.15 DOCUMENTS REVIEW
6.16 PRIVATE MORTGAGE INSURANCE REVIEW
6.17 LENDING SECURITY REVIEW
6.18 LOAN FEES REVIEW
6.19 DEFERRED LOAN FEES REVIEW
6.20 LOAN FILE REVIEW
6.21 LOAN ORIGINATION REVIEW
6.22 LOANS TO OFFICIALS REVIEW
6.23 LOANS TO OFFICIALS — COMPUTATION
6.24 REAL ESTATE LENDING STANDARDS REVIEW
6.25 REAL ESTATE LOANS REVIEW
6.26 REAL ESTATE LOANS RECEIVABLE REVIEW
6.27 REAL ESTATE MORTGAGE LENDING REVIEW
6.28 SECONDARY MARKET REVIEW
6.29 LOANS IN PROCESS (CONSTRUCTION) REVIEW
6.30 CONSTRUCTION LOANS REVIEW
6.31 CONSTRUCTION LOANS (PARTICIPATION) REVIEW
6.32 REAL ESTATE HELD FOR INVESTMENT REVIEW
6.33 TROUBLED DEBT RESTRUCTURING REVIEW
6.34 RISK-BASED LENDING REVIEW
6.35 MORTGAGE LOANS PREQUALIFICATION REVIEW
6.36 INTEREST INCOME — REAL ESTATE REVIEW
6.37 MORTGAGE LOANS REVIEW
6.38 LOANS — CONFIRMATION (ALTERNATE PROCEDURES) REVIEW
6.39 SERVICING LOANS FOR OTHERS REVIEW
6.40 TIE-IN PROVISIONS REVIEW
6.41 LENDING LIMITS REVIEW
6.42 INTEREST REVIEW (INTEREST EARNED, NOT COLLECTED; INTEREST COLLECTED, NOT EARNED REGARDING MORTGAGE LOANS)
6.43 CREDIT RISK MANAGEMENT REVIEW
6.44 MORTGAGE LENDING REVIEW
6.45 MORTGAGE BANKING PROGRAM REVIEW
6.46 MORTGAGE BANKING PROFITABILITY REVIEW
6.47 MORTGAGE BANKING PRODUCTION REVIEW
6.48 MORTGAGE BANKING SECONDARY MARKETING REVIEW
6.49 MORTGAGE BANKING SERVICING REVIEW (CORE ANALYSIS)
6.50 INTEREST ON LOANS REVIEW
6.51 MORTGAGE BANKING SERVICING REVIEW (EXTENDED ANALYSIS)
6.52 RESIDENTIAL REAL ESTATE LENDING REVIEW
6.53 ONE- TO FOUR-FAMILY RESIDENTIAL REAL ESTATE LENDING REVIEW (CORE ANALYSIS)
6.54 ONE- TO FOUR-FAMILY RESIDENTIAL REAL ESTATE LENDING REVIEW (EXTENDED ANALYSIS)
6.55 LOAN PORTFOLIO DIVERSIFICATION REVIEW
6.56 FHA HOME IMPROVEMENT LOANS QUESTIONNAIRE
6.57 REAL ESTATE LOANS EXAMINATION EQUITY LENDING QUESTIONNAIRE
6.58 ESCROW (IMPOUND) ACCOUNTS QUESTIONNAIRE
6.59 APPRAISAL QUESTIONNAIRE
6.60 LOAN DEPARTMENT QUESTIONNAIRE
6.61 LOAN FEES QUESTIONNAIRE
6.62 REAL ESTATE LENDING STANDARDS QUESTIONNAIRE
6.63 REAL ESTATE MORTGAGE LENDING QUESTIONNAIRE
6.64 SECONDARY MARKET QUESTIONNAIRE
6.65 CONSTRUCTION LENDING QUESTIONNAIRE
6.66 REAL ESTATE LOANS QUESTIONNAIRE
6.67 CREDIT RISK MANAGEMENT QUESTIONNAIRE
6.68 MORTGAGE LENDING QUESTIONNAIRE
6.69 LOAN PORTFOLIO DIVERSIFICATION QUESTIONNAIRE
6.70 MANAGEMENT OFFICIAL INTERLOCKS QUESTIONNAIRE
6.4 MODEL AUDIT REPORT FOR LOAN INTEREST
Appendix 6.1 Exhibit B CREDIT REPORT CHECKLIST
Appendix 6.1 Exhibit C REVIEW CHECKLIST
Appendix 6.1 Exhibit D LOAN FILE EXCEPTION REPORT
Appendix 6.1 Exhibit E LOAN FILE AUDIT REPORT
Appendix 6.1 Exhibit F ADJUSTABLE RATE EDP AUDIT
Appendix 6.1 Exhibit G EDP LOAN AUDIT WORKPAPERS
Appendix 6.1 Exhibit H PAYMENT COUPON REPORT MONTH ENDING:
Appendix 6.1 Exhibit I CONVENTIONAL &
Featured Authors
Joy B. Boone
Joy B. Boone is a bank compliance professional, specializing in compliance program management. She has held the positions of Senior Vice President and Director of Compliance for several large and mid-sized regional financial institutions and was an owner of Braasch and Blackstock, a bank compliance consulting firm. Mrs. Boone has more than 30 years’ experience in banking and regulatory compliance. She enjoys running and traveling; her favorite experience was teaching for two years in the business department of LCC International University in Klaipeda, Lithuania.
Table of contents
VOLUME 1
Part I—Developing an Internal Audit Program
Chapter 1: Developing an Internal Audit Program
Chapter 2: Conducting a Preliminary Audit
Chapter 3: Management Audits
Part II—Accounting Department Audit
Chapter 4: Accounting Department Audit
Part III—Loans and Collections Audits
Chapter 5: Consumer Loans Audit
Chapter 6: Real Estate Loans Audit
Chapter 7: Collections Audit
Part IV—Information Systems, Computer, and Financial Information Systems Audit
Chapter 8: Information Systems Audit
Chapter 9: Privacy of Member Financial Information Audit
Part V—Member Services and Branch Audits
Chapter 10: Accounts Audit
Chapter 11: Branch Audit (Available on CD)
Chapter 12: Member Products and Services Audit (Delivery Systems Audit)
VOLUME 2
Part VI—Regulatory and Internal Control Audits
Chapter 13: Compliance Audit
Chapter 14: Internal Control Audit
Chapter 15: Continuing Audits
Part VII—Financial Management and Administrative Audits
Chapter 16: Financial and Asset Management Audit
Chapter 17: Administrative Services Audit
Chapter 18: Human Resources Audit
Chapter 19: Security Program Audit
Chapter 20: Marketing and Advertising Audit
Chapter 21: Record Retention Audit
Chapter 22: Risk Analysis Audit Program
Chapter 23: Internal/External Audit Self-Assessment Program
Chapter 24: Low-Income Credit Union Audit Procedures
