2002 Branch Audit Program - Association of Credit Union ...



A. Security

Control Objectives:

• Member records are kept secure and confidential and are protected against anticipated threats, hazards, and unauthorized access.

• Assets are secure.

• Employees have the ability to alert school staff of robbery, etc

1. Ensure security over the employee’s merchant bags and keys to the bags.

2. Verify security over the High School room.

3. Verify security over network connection to .

4. Verify how employees notify school staff of a robbery in progress, etc.

B. Cash

Control Objectives:

• Cash is adequately stored and secured.

• Cash agrees to records.

• Cash operations are functioning effectively and efficiently.

• Cash procedures are being followed.

1. Obtain list of drawers assigned to branch from core system records.

2. Perform physical cash count of every teller drawer.

✓ Ensure employee stays with Internal Audit throughout drawer count.

✓ Obtain the teller cash totals from core system and count cash in the presence of the responsible

teller or teller supervisor.

✓ Agree the cash counted in the teller drawers to the cash totals from core system and to

records.

✓ Total and review all checks accepted.

✓ Resolve all discrepancies and have the teller sign the teller drawer authorization form.

3. Document variances from cash limits and determine why variances occurred.

4. Determine that cash drawers are locked during tellers' absence and they take their keys with them.

5. Verify that school site and cash procedures are followed.

C. Fixed Assets

Control Objective:

• Fixed asset records accurately depict a sample of physical assets of the branch.

• Fixed asset set-up and transfers procedures are followed.

1. Obtain a Fixed Asset Tagging System inventory for the branch.

2. Trace PC’s & receipt printers to Fixed Asset inventory.

3. Inform appropriate personnel of discrepancies.

D. Posting Requirements

Control Objective:

• Compliance with federal and state regulations is met.

1. Verify postings are up-to-date and meet requirements with the Posting Requirements checklist.

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