Internal Audit
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The Relationship Between Turnover and Internal Control Weaknesses
This blog was authored by my colleague Folashade Abiola-Banjac, a principal within our financial services forensic group. Everywhere you turn you see headlines of fraud and misappropriation of assets happening at all levels of financial institutions. However, turnover and its relationship to internal control weaknesses is a challenge to understand. Internal controls only work if […]
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Regulation E: What Everyone is Talking About
Reg E is a very customer-centric regulation, and that concept does not appear to be changing anytime soon.
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Occupational Fraud in Financial Institutions
This blog was authored by my colleague Kyle Shafer, a manager in our forensic services group. The bank failures have put the spotlight on financial institutions as a result of significant industry regulations. Financial institutions continue to be a target for fraud, but in the modern age of technology and digital advancements prevention and detection […]
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CECL – Post Adoption Considerations
Over the last ten years, financial institutions have discussed and debated the Current Expected Credit Loss (CECL) accounting standard. Many of the larger financial institutions adopted the standard in 2020 with the majority of smaller, community financial institutions adopting on January 1, 2023. With adoption behind us, here are some items to consider during 2023 to position your financial institution for success in your next regulatory exam or external audit.
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Dormant Account Control Weaknesses
This blog was authored by my colleague Folashade Abiola-Banjac, a principal within our financial institution forensic group. How can Dormant accounts serve as a window into a credit union’s internal control deficiencies?Forensic investigations of credit unions have granted me the opportunity to obtain some valuable information of how the treatment, or lack thereof, of dormant […]
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The Importance of a Risk Based Audit Plan
What is your process to create your internal audit plan? Gone are the days of pulling together an internal audit plan on the fly basing your decision on a rotational schedule, auditable areas that had the most exceptions in the previous year, or what areas may fit into your budget.
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Will the Cyber Incident Reporting for Critical Infrastructure Act of 2022 help or confuse Financial Institutions?
Recent legislation drives 72-hour timeline for notification of data breach and 24-hour notification of ransomware payment.