Companies who provide services to banks, credit unions or other financial institutions may be required to undergo an examination by the FDIC, NCUA or OCC under the guidelines defined by the Federal Financial Institutions Examination Council (FFIEC).
These guidelines require that companies formalize their internal control policies, perform an internal risk assessment and perform an internal audit of their controls. Non-compliance with these requirements (as identified by an FFIEC audit) may result in fines
Our firm provides services which help companies comply with FFIEC requirements including assistance with the creation of internal control policies, developing and performing an internal risk assessment and evaluating internal controls on behalf of management.
These procedures are intended to help ensure that the company will meet FFIEC requirements if an audit were to be performed by a regulatory agency, thus reducing the exposures that may result from non-compliance with the guidelines. Further, since we are independent of the company, our services may allow the regulatory agency to rely on the results of our procedures to reduce the amount and extent of their evaluation procedures.
Our FFIEC Audit Preparation services include:
- Performing an evaluation of a company’s compliance with FFIEC requirements
- Identifying exposures related to FFIEC requirements
- Assisting with the drafting of company policies
- Performing an internal risk assessment against FFIEC requirements
- Auditing internal controls and evaluating residual risk
- Using our experience and review of our client internal controls database to provide logical suggestions for addressing exposures
The extensive experience of our partners and personnel with internal control related services uniquely positions our firm to provide these FFIEC Audit Preparation services. This experience allows us to provide logical solutions to issues encountered and as a result, may reduce the overall compliance effort for our clients.