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June 7, 2013 1
New York City Financial Network Action Consortium @Copyright
2013
NEW YORK CITY FINANCIAL NETWORK ACTION CONSORTIUM
“Promoting Affordable Financial Services for all Communities”
Ysemny (Nachi) AboodSenior Staff Accountant
Accounting/Auditing Services /Compliance Training
June 7, 2013New York City Financial Network Action Consortium @Copyright
20132
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New York City Financial Network Action Consortium @Copyright
2013 3
NCUA Examination
Common Findings & Exceptions
INTERNAL CONTROLS
NCUA Examination – Common Findings & Exceptions
June 7, 2013New York City Financial Network Action
Consortium @Copyright 20134
NCUA Examination – Internal Controls Exception Examples
–Inadequate Bookkeeping
Example: Aging unresolved items
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Consortium @Copyright 20135
NCUA Examination – Internal Control Exception Examples
- Bank Account Reconciliation
Example: No review or approval is apparent within the reconciliation
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New York City Financial Network Action Consortium @Copyright
2013
NCUA Examination – Internal Control Exception Examples
- Separation of Duties
Example: Vault/ATM transfers
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New York City Financial Network Action Consortium @Copyright
2013
NCUA Examination – Common Findings & Exceptions
INDEPENDENT OVERSIGHT FUNCTIONS
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NCUA Examination – Independent Oversight Exception Examples
INDEPENDENT OVERSIGHT FUNCTIONS
–Supervisor Committee verification of transactions and processes
Examples:No monthly/quarterly review of file maintenance report
No monthly/quarterly “surprise” cash counts
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20139
NCUA Examination – Independent Oversight Exception Examples
- New & Closed AccountsExamples :No verification or review of closed accounts
No review of new member files to ensure qualifications & documentation as per CU policies
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New York City Financial Network Action Consortium @Copyright
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NCUA Examination – Independent Oversight Exception Examples
–New LoansExample:No review of files for proper documentation, verifications, and approvals as per CU policies & procedures
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New York City Financial Network Action Consortium @Copyright
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NCUA Examination – Common Findings & Exceptions
COMPLIANCE RISK
June 7, 2013New York City Financial Network Action Consortium @Copyright
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NCUA Examination – Compliance Risk Exception ExamplesCOMPLIANCE RISK
- Inadequate procedures for structuring monitoring
Examples:No documentary evidence CU reviews large cash transactions to monitor suspicious activities
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NCUA Examination – Compliance Risk Exception Examples
- CTR’s & SAR’s Fillings
Examples:Missing CTRs & SARs
No recording logs maintained for CTRs & SARs
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New York City Financial Network Action Consortium @Copyright
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NCUA Examination – Compliance Risk Exception Examples
- OFAC VerificationExamples:No evidence of ongoing
verification after OFAC releases updated SDN list
No evidence of verification on wire transfers
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NCUA Examination – Common Findings & Exceptions
Additional questions ?
Email – [email protected]
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NCUA Examination – Common Findings & Exceptions
THANK YOU
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