Preparing for an audit is a major pain point for most financial institutions.
In fact, when we surveyed 187 community banks, more than 91% of the institutions stated that preparing for an external audit or exam would take a minimum of five hours.
A document management system that offers electronic audit/exam preparation can save your bank significant time and money. From tracking exceptions to delivering timely reports directly to your inbox, AccuAccount can improve your bank’s audit preparation process.
Our webinar, “Happy Auditor, Happy Life” will demonstrate a few ways you can use AccuAccount to streamline your audit preparation. Here’s a sneak peek of what we’ll discuss in the webinar.
Reports You Can Trust
Keeping your bank’s information organized and optimized can go a long way towards taking the headache out of audit preparation. AccuAccount makes it easy to identify the exact information you need.
Trying to track down a few missing customer documents before the audit team arrives? No problem! Sort and filter by customer, account number, or exception status. In seconds, you can view which documents are still pending along with due diligence notes.
Build an Audit in Minutes
AccuAccount administrators can build an audit file in minutes. Filters allow your team to create audit files that include the exact information that is relevant for your compliance team and examiners – no more, no less. You can specify which documents to display, so your auditors can get in and get out.
After setting your parameters and building the audit file, it will be saved on your server. You can then save an auditor copy on a disc, shared drive, or jump drive. The audit information will be displayed to them in a read-only version of AccuAccount; they will not actually be in your live system. Instead, a copy of the information you built into the audit file will only be available to them.
More Affordable Audits
As one banker recently pointed out in this case study, there is a tangible cost savings associated with electronic audit preparation. The case study goes on to say, “Auditors are provided terminals with read-only access to AccuAccount. Now, instead of printing or exporting audit files, auditors have everything they need to do their jobs. This has resulted in better audits and even allowed auditors to explore the possibility of doing virtual audits, which could yield additional savings in the future.”
Auditors no longer have to dig through mountains of paper loan files. Likewise, your team no longer has to spend hours carting files back and forth. Auditors can access the files they need without the needless back-and-forth.
Make Your Next Audit Headache Free
Audit prep is easy with AccuAccount! Use AccuAccount to make your next audit smoother and less time-consuming.
Click here to join our audit preparation webinar!