How to Prepare for an Audit in 5 Minutes

Audit and exam preparation can cause significant pain points for many financial institutions. This is especially true for banks still relying heavily on paper-based loan and credit files.

In fact, in an AccuSystems survey of 187 community banks, 91% of institutions stated that a minimum of five hours are required to prepare for external audits or exams.

How much time would your institution save if you could prepare for an audit in five minutes and securely share the documents with reviewers? AccuAccount’s electronic audit file makes that possible.

Here’s how simple an audit can be with AccuAccount.

Create Electronic Audit Files with AccuAccount

To access the AccuAccount auditor’s module, click on the word “audit” from your account. When you choose to add a new audit, you are given the opportunity to name it and add comments that will appear with the audit file. You have the option to decide whether or not to include customer and account comments in the final audit file. AccuAccount also automatically includes your institution’s name as the submitting bank or credit union.

audit maintenance

After adding the audit, you will be directed to the audit search area where you can select the customer accounts that should be included in your electronic audit files. You can search by any field shown on the screen to find the specific information you need. A search request will deliver you to the search results screen. The top entry shows customer or credit level documents followed by a listing of deposit accounts, loan accounts, and trust accounts associated with that customer. Click “update” to be returned to the audit screen, where you will see results including the customer and any loans that have a cosigner or guarantor associated with the customer.

Select Loans Customers

Build Your Audit in a Flash

The audit screen results are shown in several columns: customer name, account number, export documents, relationship, and account description. The export documents default is to send through all credit level documents for the customer, but you can override this feature by selecting only the documents you want in your audit file. After making your selections, you can build your audit. This may take a few minutes depending on the number of customer accounts that are incorporated into the file.

Build Audit

View Your Audit File

View your audit to see what the final viewer will see when viewing the file. The splash screen shows your institution name, the date the audit was generated, and any comments associated with the audit.

View Audit Results

This audit file is a snapshot in time; once it is created, nothing additional will be added to the file automatically. If you need to add a new document image after the audit is built, simply update the audit or build a new audit file. Viewers can click on the audit hyperlink from the splash screen to see all of the loans and customers included in the audit file. To view a record, click on the hyperlink from within the audit file.

Understanding Your Audit’s Structure

The structure of the audit file is very similar to AccuAccount’s customer home page. The intuitive interface shows customer information at the top of the page, credit documents on the left side, and loan documents on the right. Icons provide a key for the status of documents. A red square indicates that there is currently no document, and a green dot shows that a document is available for viewing by clicking on the hyperlink. Document expiration dates and everything you can see live in AccuAccount will be shown in the audit file.

Final Audit View

If guarantors or co-borrowers are tied to the loan, you’ll see an “additional guarantors” table which shows hyperlinks to those accounts. Multiple collaterals will be shown along the right side of the screen, and customer comments will be visible on the left. Loan comments are shown below the loan on the right side of the screen.

Sharing Your Audit with Examiners

After the audit file is created, the independent file is housed on your institution’s network. The completed file can be stored on an electronic medium such as a flash drive or standalone hard drive to be delivered to the examiner. Alternatively, if you have multiple examiners on site you may want to push your audit files to a secure location within your network and provide them with limited access to your network so that they can easily review the files.

AccuAccount Can Improve Your Audit Preparation Process

Prepare audits more efficiently than ever before with AccuAccount. Talk to one of our audit preparation experts today to learn how AccuAccount can help you maintain compliance and save time when creating audits.

Comments are closed.