At the beginning of each year, we post a “best of” list for The Audit Library. In the past, we have told you about top downloads, under-appreciated gems, and simple fan favorites. This year, we want to share a new perspective. 2022 was a record year for us in many ways. As we have grown the subscriber base, YOU have become an invaluable source of ideas.
We have kept a running list of prioritized ideas for new content since day one. Sometimes subscribers write in and share ideas we already have “in the pipeline.” It’s great to get real-time feedback that we are on the right track.
Every once in a while, an idea is sent in for something we never thought of. We embrace this feedback, and believe the “crowdsourcing” element of this business is a big part of what makes The Audit Library so special.
For those of you who have taken the time to reach out, we simply cannot thank you enough. Here are some of the best additions to The Audit Library that came directly from you, our subscribers.
Sample Interview Questions for Internal Auditors and Audit Committee Members
One of our long-standing subscribers reached out to us earlier this year. They were going through the process of recruiting a new Audit Committee member, and wanted to know what resources were available that would provide them with guidance. If you’ve been through the Committee recruiting process, you know what an exciting and stressful project this is. Everyone is relying on Internal Audit to help get it right. We created a list of sample interview questions for banks, credit unions, and non-industry specific use for the Committee recruitment and due diligence process.
Then we got to thinking… why stop there?! You will probably interview job applicants at some point, and may need something more specific than the generic questions provided by H/R. So, we created a list of sample interview questions for Internal Audit candidates, for banks, credit unions, and non-industry specific use. Good ideas lead to more good ideas sometimes!
Just the other day, a subscriber who we have been working with for a long time let us know that a new auditor position had finally been approved and they could move forward with recruiting. We were happy to send them a link to these interview questions to get the ball rolling. It’s still up to you to vet your candidates and make a good decision, but you aren’t starting from scratch anymore.
Branch Closure Audit Program
Our branch audit suite is one of our all-time greatest resources. Bank and credit union auditors have been using these documents to execute their branch audits since we went live in 2018. We thought we had branches covered; and then a wonderful subscriber was kind enough to reach out and offered a suggestion. What about a scheduled branch closure? What should audit do?
The decision to involve Internal Audit in the closure process is specific to your company. For those of you who are expected to participate, we created the Branch Closure Audit Program for banks and credit unions. Our easy-to-follow program breaks branch closure tasks into basic areas and provides detailed instructions. The closure of a branch is a stressful event, so it’s nice to have a little help and guidance!
Executive Exit Audit Program
Our Terminated Employees Audit Program is one of the original documents available in the Library, and it has stood the test of time. Then one day, a subscriber reached out and asked a very good question. “What should I do when an executive resigns or is involuntarily terminated?” This certainly adds more pressure and complexity! With a new perspective, we realized the existing program could be enhanced for high-profile staff.
Our answer was the Executive Exit Audit Program for banks, credit unions, and non-industry specific use. This specialized audit program considers the added risk and sensitivity of a C-Suite termination, and provides appropriate guidance.
Internal Audit “Engagement Letter”
As consultants, we present an engagement letter to all of our clients. This is our formal contract, and defines all the important terms and conditions of each project. It is essential for protecting ourselves, and our clients. Whether you have engaged our firm, or another firm in the industry, you are probably familiar with this type of document.
Once, a subscriber contacted us and asked whether they should create a quasi-engagement letter for their Internal Audit projects. We thought it was a great idea, and the Internal Audit Engagement Letter was added to the Library for banks, credit unions, and non-industry specific use.
This is an optional document, and if you choose to use it there are many potential benefits. It defines the basic expectations for Internal Audit and your auditee, sets your scope and timeline, assigns staff leads, and more. You can present it to an auditee in paper form, or paste it into the body of an email. You can even get physical signatures if you desire. However you choose to communicate expectations for your projects, we have you covered.
Test Accounts Audit Program
When you have tested deposits or loans at a bank or credit union, you’ve probably come across some weird accounts. Once I stumbled across a series of products owned by one Mr. Donald Duck. Your company likely has a handful of designated accounts to be used for training and testing purposes. One of our subscribers decided to test the test accounts at their institution and asked us what we had available. We created the Test Accounts Audit Program for banks and credit unions.
Test Accounts are easy to forget about when you’re not looking at one, and that makes them an easy target for fraud and error if the proper controls are not in place. Our program considers whether the accounts are setup appropriately to minimize risks, and guides you through some easy-to-follow tests to make sure they have not been used for nefarious purposes. If you ever decide to do a little digging in this area, check this program out.
We hope these subscriber-inspired documents make their way into your risk-based audit plans and work programs in 2023 and beyond. Do you have an idea for a new document that belongs in the Library? Leave a comment or reach out and tell us about it! Your idea just might make a future best list.
To all of our readers and subscribers, we thank you for your support, and wish you all the best in 2023!