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All shipments may be returned, at subscribers expense, for full credit of the grand total price within 30 days of receipt. Return of a shipment, other than the initial purchase, will not cancel subscribers' subscription. Print Terms and Conditions. View a sample of this title using the ReadNow feature. The regulators expect you to be able to identify and rate the areas in which you have risk exposure.
Risk-Based Compliance Audit Program consists of individual audit risk assessment checklists with risk ratings — organized by specific products and services — that you can use to conduct compliance reviews for federal consumer laws and regulations, including security, privacy, electronic banking, disclosures and insurance roles. This manual shows how to improve your institution's efficiency and compliance.
Risk assessment is an essential part of your risk-based compliance audit plan for all of your products, services, and activities. To satisfy the regulators, you need to consistently and constantly weight risks against benefits, and make decisions accordingly. Subscribers will receive a downloadable file containing editable forms. Click here for more information about LexisNexis eBooks.
The downloadable files include the following features:. This publication includes editable Word files for the following documents: No. Title mx. Jeffrey Torp is a consultant in the area of regulatory risk for financial institutions. He specializes in the financial institution industry and has more than 35 years of experience serving financial institution clients in matters relating to bank regulation. This one-of-a-kind resource provides everything you need to minimize your Bank's chances of investigations, litigation and costly penalties.
Torp Author. Publisher: LexisNexis Sheshunoff. Select a format. Process Map The first step of physical audit planning is to establish the process map, obtain all information from the established policies and procedures of the company and conduct interviews with the process owners followed by a walk through test and draw a process flow chart to understand the working and steps to complete one activity under one process.
Risk Register: Prepare the risk register to identify the risks associated with all auditable activities. The risk register should be prepared in Excel spread sheet and the following format can be used to design the risk register: Column 1 2 3 4 5 Organizational objective Strategy Business Unit Process Process description Define the objective relating to particular process under audit Decide strategy for the test of controls and control itself Define the business unit under audit Define the process under audit e.
Describe the process owner. Normally the department head of the process under audit. Use scale to score the risk Use scale to score the risk Multiply 9 1 BY 9 2 to calculate the magnitude of risk. Column 10 11 12 Column 13 - Residual risk Control Example Monitoring example Potential issue Cons 13 1 Like 13 2 Score 13 3 Control score Define the desired control or identify the existing control Define the monitoring process of the effectiveness of the existing control Describe any potential risk associated with the existing control Use scale to score the risk Use scale to score the risk Multiply 13 1 BY 13 2 to calculate the magnitude of risk.
Score 9 3 minus score 13 3 C. Scoring the risks: Evaluate each risk and use scale of to weight the risk and to measure its magnitude. The following table can be used as guideline to prepare the risk score: If the consequence when the risk occurs is: OR the likelihood of the risk occurring is: Then the measure is defined to be: A catastrophic impact on the organization, threatening its existence Almost certain Catastrophic 5 To prevent the organization achieving all, or a major part, of its objectives for a long time.
Probable Major 4 To stop the organization achieving its objectives for a limited period. Possible Moderate 3 To stop the organization achieving its objectives for a limited period. Unlikely Minor 2 To cause minor inconvenience, not affecting the achievement of objectives Rare Insignificant 1 After scoring the all risks associated with all auditable areas generate the result by focusing the magnitude of risks as calculated above.
Recommended Audits for the current year Based on the risks as calculated above prioritize the auditable processes and plan the audit in Excel spread sheet. Column D: planned in the month. Completed audits in last year. Recommendation status: Explain the recommendations status at the last relating to the completed audits in the last year and give the current status of the implemented, in process and not-implemented audit recommendations.
In order to provide the comprehensive information relating to the recommendations status following format can be used: Business unit Process Audit observation Recommendations Target date Status Responsibility Define the business unit Define the process audited in last year Give the title of audit observations.
Observation 1 Observation 2 And so on Against each audit observation give the recommendations given in the last audit report. Define the target date as agreed by the process owner to implement the audit recommendation Define the status of the recommendation either it is: Implemented, In process, or Not implemented Define the official responsible to implement the recommendation.
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Login with Google. Site Search. Whatsapp Groups. Organizational objective. Process description. Define the objective relating to particular process under audit. Decide strategy for the test of controls and control itself. Define the process under audit e. Key risk.
Risk source. Process owner. Inherent risk. Cons 9 1. Like 9 2. Score 9 3. Some examples of general controls are:. Application controls refer to the transactions and data relating to each computer-based application system; therefore, they are specific to each application. The objectives of application controls are to ensure the completeness and accuracy of the records and the validity of the entries made to them.
Application controls are controls over IPO input, processing and output functions, and include methods for ensuring the following:. As an IT auditor, your tasks when performing an application control audit should include:.
After gathering all the evidence the IT auditor will review it to determine if the operations audited are well controlled and effective. Now, this is where your subjective judgment and experience come into play. For example, you might find a weakness in one area which is compensated for by a very strong control in another adjacent area. It is your responsibility as an IT auditor to report both of these findings in your audit report.
When you communicate the audit results to the organization it will typically be done at an exit interview where you will have the opportunity to discuss with management any findings and recommendations. You need to be certain of the following:.
Your presentation at this exit interview will include a high-level executive summary. Your audit report should be structured so that it includes:. Finally, there are a few other considerations that you need to be cognizant of when preparing and presenting your final report. Who is the audience? If the report is going to the audit committee, they may not need to see the minutiae that go into the local business unit report.
Your report will want to be timely to encourage prompt corrective action. And as a final parting comment, if during an IT audit, you come across a materially significant finding, it should be communicated to management immediately, not at the end of the audit.
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