Trust Services Audit Manual

With the upheavals in the economy, ensuring that there are proper controls for trust services in financial institutions has never been more important. Ever since the restrictions on non-traditional services were removed under Gramm-Leach-Bliley, banks have gotten more deeply involved in trust and wealth management services for their customers. But with these enhanced business opportunities come risks. Making certain that trust departments meet their compliance standard is critical to keeping such services alive. This audit manual, written with the complex nature of trust services in mind, provides wide-ranging audit practice tools for trust department managers.

The Trust Services Audit Manual covers all aspects of an audit program for the trust services department:

•  Laws and regulations that establish minimum requirements for internal and external audit programs
•  Board and management responsibilities
•  Setting up and implementing the audit programs (fiduciary audit, IT audit, compliance audit, operational audit, etc.)
•  Executing the internal audit program, performing risk assessments and risk-based audits
•  Ensuring independence and competence, and reporting the audit findings

The Trust Services Audit Manual saves the trust department auditor time and effort — and money – with the following features:

•  Facilitates the development of detailed, written practices and policies, and the procedures and checklists to implement them
•  Provides materials necessary to ensure that your audit program is effective and remains effective
•  Written in a clear, step-by-step style, making it easy to implement the most effective audit techniques
•  Provides customizable policies, procedures, and checklists that allow managers to develop tools uniquely suited to their institution's audit program
•  Provides updates to make it easier to keep up with and integrate new changes into their audit program