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Manual: Auditing the Bank's Trust Department

Manual: Auditing the Bank's Trust Department

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This comprehensive manual provides the information and principles you can use to structure and maintain an effective trust audit function including:

Fiduciary Duties and Conflict of Interest – Fiduciary duties of the bank as trustee and executor are both the core of the banks responsibilities to its clients as well as a primary risk to the bank.

Regulatory Requirements and Compliance – Compliance is the key risk in all trust departments. Lack of compliance may lead to litigation, fines and penalties.

Risk Assessment and Planning the Audit – Proper planning ensures the auditor’s goals and objectives are met.

Trust Operations and Internal Controls – An effective system of controls is imperative to properly perform the duties of the trust department.

Fiduciary Investments – Proper investment management is central to the fiduciary duties of the trustee.

Physical Security and Controls over Trust Assets – Key internal controls over assets held at other locations, safekeeping arrangements and audit controls.

Fraud Detection – Understand responsibilities in identifying and detecting fraud.

Administrative Audits – This audit is key to understanding account management. Look at potential “red flags” that may create a problem.

To order this product or for more information, call 800-422-7285.

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