Audit Management Resources

Want better exam results? Improve your audit management.

Here's what you can expect to learn on this page:

• Knowing (ahead of time) is half the battle!
• Good audits mean good exams
• Auditing: the third line of defense for lending compliance
• Create a good audit trail
• Managing audit findings
• Getting your board...on board with auditing
• Making an investment in auditing
• Additional resources on audit management

Auditing is a fundamental tool to mitigate risk for banks and credit unions. Audit findings provide the information you need to ensure that your bank or credit union is not only protected, but exam-ready at all times.

Auditing: the third line of defense for lending compliance

Don’t wait for an examiner to uncover an issue with lending compliance. Auditing is the third line of defense for banks, credit unions, and mortgage companies. By focusing efforts on the areas where risk exposure is the greatest, auditing can help your financial institution improve processes and fix problems ahead of exam time.

Need to build up your third line of defense? Read on >

Show your work

In school, we were often told to “show our work” so our teachers would know that we understood the processes.

In auditing, an audit trail helps demonstrate compliance by capturing the most up-to-date version of your policies, procedures, strategic plans, board minutes, risk assessments, activity logs, and other documentation. And it needs to be detailed — if an examiner needs to dive into your data, a three-page report from an outside firm won’t cover it.

A good audit trail also acts as a warning system so you can make changes that will ensure better exam results.

Learn more about how to create an effective audit trail >

Managing audit findings

Digging into your organization’s vulnerabilities might seem stressful, but audits aren’t something to fear. Audit findings comprise data that can help financial institutions gain an understanding of performance, compliance, and risk. But this data is only helpful if you act on it. To do that effectively, you must have a process in place to conduct audits and manage audit findings.

Read our whitepaper for best practices in findings management >

Getting your board...on board with auditing

For risk management to be effective, everyone at your financial institution needs to be involved. Here’s where auditing can play a key role. Your board can leverage audit results for oversight and strategic planning.

Making an investment in auditing

Many financial institutions are tempted to implement cost-cutting measures to maintain their margins, especially in difficult economic times. But cutting costs in auditing

“Cost-cutting considerations need to be carefully balanced with a proper control and testing environment as well as risk management practices that can prevent increased losses.”

- The Office of the Comptroller of the Currency (OCC)

Luckily, there are solutions that can help reduce costs and time, while increasing audit effectiveness.

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