The purpose of this module is to introduce you to the principles of internal auditing for assets. During this module, you will review the specific qualities of an account that an auditor attempts to test. After completing this module, you will understand the overall objectives for auditing assets.
This module will provide internal auditors with the tools needed to implement better audit programs and procedures when auditing assets.
This course includes an examination.
Learning Objectives:
By the end of this module, you should be able to ensure proper controls are in place at your bank for the following assets:
- Loans
- The allowance for loan and lease losses and the credit functions
- Other real estate owned and repossessed property
- Investments
- Cash and due from banks
Course Outline:
o Audit objectives
o Types of lending
o Important loan terms
o Testing loan files for inclusion of proper documents
o Internal audit programs for lending areas
o Allowance for loan losses
o Auditing loan portfolios
- Auditing the Allowance for Loan and Lease Losses
o Appropriate accounting
o Audit objectives
o The credit review function
o Responsibility of the board and management
o Accounting and reporting treatment
o Calculation
o Nonaccrual loans
- Auditing O.R.E.O. and Repossessed Property
o Audit objectives
o Accounting treatment
o The objectives for the investment portfolio
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o The type of investment securities available to your bank
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o Types of risk inherent in the investment portfolio
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o Important investment terms
o The basic concepts of ASC Topic 320 (SFAS 115), Investments - Debt and Equity Securities
- Auditing Cash and Due From Banks
o Physical access
o Logical access
o Environmental controls
- Disaster Recovery and Contingency Planning
o The audit objectives for cash and due from banks
o Conducting a policy review for the cash and due from bank areas.
Duration:
0.83 hours
Features:
Audio, hybrid
Module(s):
7277EN
