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.
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