What a year 2020 has been. We have all had to endure struggles on a personal and professional level that we could not have anticipated. But, now that it is 2021 and we are slowly seeing the light at the end of the tunnel, let’s take some time to focus on some of the good things that happened in 2020. For The Audit Library, that means many new subscribers, several successful consulting engagements, numerous virtual presentations, and some truly wonderful documents.
So, in celebration of the positives of 2020, we’d like to share with you our 2020’s Best of The Audit Library list. Throughout the list, you will discover some of our favorite new documents, and documents and templates your colleagues are downloading, requesting, and using the most. Please take some time to read through our list and discover a document or template that can help you through a successful 2021 and beyond!
Information Technology & Security Audit Assistance Program
I’m willing to bet most of our readers and subscribers outsource their Information Technology & Security audit each year. Some areas really require expert advice. But, Internal Auditors still need to perform some basic testing to make sure that risks are being managed, that threats are being mitigated, and that we understand the fundamentals of this critical area! That is why we partnered with the experts at Elliot Davis to create our Information Technology & Security Audit Assistance Program (Credit Union or bank). This program will walk any auditor, regardless of your technical savvy, through the key controls, timely issues, and major threats that your organization faces. Find out more about this program and read my interview with one of its co-creators here.
Cash Count Sheet Template
Sometimes the simplest documents are the most needed. I’d imagine that every financial institution auditor already has some type of cash count sheet. However, it is likely not as sophisticated and well thought out as the template The Audit Library provides. Throw out that old paper document that has been photocopied a thousand times! Our cash count sheet template (Credit Union or bank) is an Excel spreadsheet that will walk you through everything you need to document during a cash count and automatically calculate your totals. This saves you valuable time in the field and is our second most downloaded document of 2020!
Branch & Grounds Inspection Checklist
An inspection of the branch and grounds is an essential part of the branch audit process. To be honest, we didn’t reinvent the wheel with this document, but we did use our years of experience as Internal Auditors to think of everything you need to check for while you are at the branch! We’ve received some great feedback about this checklist (Credit Union or bank) and it is one of our most popular downloads of all time! Sometimes, simple is best.
This is one of the more recent compliance documents we’ve added to the Library, but it has already become quite popular! This program will guide you through everything you need to review to provide reasonable assurance that your financial institution is in compliance with the Gramm-Leach-Bliley Act and Regulation P. We’ve spent a significant amount of time and resources creating this program for you and it has definitely paid off!
General Journal & Call Report Audit Program
How often do you review the General Journal & Call Report? Is it likely something you should review quarterly. Even if you already have a program you follow, I’d encourage you to take a look at our template (Credit Union, bank, or general) as we cover validating the report, understanding the different systems and processes at work, and provide many example analyses that you can perform.
Loan Review Templates
This “Best of” item may look familiar as we included it in our 2019 list. Our loan review templates are so useful we just had to include them again this year! The Library has templates for many different loan types, including our Consumer Secured Loan (Credit Union or bank), Consumer Unsecured Loan (Credit Union or bank), Real Estate Loan (Credit Union or bank), and Business Loan (Credit Union or bank) review workpapers. Olivia first developed this type of workpaper when she was an external auditor over ten years ago. We’ve updated and used these documents as Credit Union Internal Auditors for years, perfecting them along the way. The templates cover every aspect of loan review and walk the auditor through gathering loan information, performing debt to income, loan to value, and other calculations, documenting estimations and assumptions, reviewing required documentation and support, and analyzing data.
This template is a true classic. Every Financial Institution Auditor needs an audit program to review employee and official accounts. You are allowed access to a treasure trove of information, but must review it in a responsible and methodical manner. This program walks you through the process step-by-step, keeps you on task, and keeps you out of trouble! It was also our most popular download of 2020!
Quality Assurance & Improvement Program
The IIA Standards requires that each Internal Audit department maintain a Quality Assurance and Improvement Program (QAIP). The Audit Library’s template (Credit Union or general) will help set up the six-step process of the QAIP and simplify this requirement that many auditors tend to put off and regulators are beginning to look for. As a side note, The Audit Library also offers Quality Assurance Reviews as one of our flagship consulting engagements. Read one of our client’s reflections on a QAR and Contact us for more info!
The S.A.F.E. Act (Regulation G) requires an annual audit for compliance. While this review is not required to be completed in-house, many of our subscribers complete this audit themselves. This is a great way to save money… assuming you have a program to follow! So, we have created an audit program to make the process simple and easy to understand. We’ve spent hours reading and researching this act to help you provide reasonable assurance that your financial institution has everything covered!
Our guidance on wire transfers has been a popular download from the moment our website went live. 2020 was no exception. Auditors regularly download this program, and complete the outlined audit work, to make sure all is well in this high-risk and poorly-understood area. This is another audit that many Financial Institutions outsource, but sometimes it’s important to bring a project in house. Wire Transfers intimidate auditors, and we are playing our part in empowering you all by giving you a simple and easy program to follow. Download this program today, and let’s keep it a top download in 2021!
Thank you for helping us grow in 2020. It is truly a pleasure to work with our wonderful clients every day. I hope that one or many of our documents and templates made your personal “Best of” list for 2020 and that you continue to utilize The Audit Library to help make you more efficient and effective.
We are always expanding the Library to meet your needs! Please let us know if you have an idea for a document, we’d love to see if we can add it to help all our subscribers.
Which of these documents or templates makes your Best of 2020 list for The Audit Library? Leave a comment and tell us about it!