Director's Examinations for Financial Services Industry

Benefit:

  • Meets regulatory requirement for certain types of banks
  • Relieves bank’s directors from time and labor of personal exam of bank
  • Reinforces financial accountability and discipline and regulatory compliance

Who’s most likely to benefit:

  • Banks and other financial institutions under $500 million in total assets

Description:

An audit team performs certain agreed-upon procedures designed to meet minimum standards that are required for a director’s exam. In most director's exams, the team works with management to design additional procedures or services of value to the bank. Such other procedures or services could include:

  • Compliance with BSA or ACH
  • IT general controls review
  • IT vulnerability assessments
  • Social engineering