This Auditing a Community Bank Trust Department online training course explores the steps in planning an audit of a trust department. Learn about the types of bank trust relationships; trust accounting; physical security and controls over trust assets; internal controls over trust operations; compliance with bank policy, federal and state regulations and the provisions of the trust document; and the fiduciary.
This seven-part course will provide you with the knowledge and techniques necessary to effectively complete the audit of a community bank’s trust department. The scope of these audits will vary greatly; it is affected by the types of accounts administered by the department, the complexity of services provided, the types of trust assets held, the management of trust investments, and the existence of internal controls.
Course Learning Objectives
By taking this online Auditing a Community Bank Trust Department course, the user will learn:
- Define "fiduciary"
- Explain the "prudent investment expert" rule provision
- Describe three key types of community bank trust relationships
- Define the fiduciary duty of loyalty to the trust
- Identify situations in which a trustee may be in conflict of interest
- State the purpose of the fiduciary provisions of the Employee Retirement Income Security Act of 1974
- Recognize key laws, regulations, rulings, and regulatory bodies that govern trust relationships
- Discuss methods of identifying, measuring, and controlling risk
- Define internal auditing
- Discuss the challenges associated with evaluating the fiduciary operations area of the trust department
- Identify the five activities involved in securities trade processing
- Recognize types of assets held in trust accounts
- Distinguish between long-term and short-term investments
- Discuss considerations for managing real estate holdings within trust accounts
- Identify key elements of a securities lending agreement
- Explain how the trust department ensures the physical security of trust assets on-premises and off-premises
- Identify common types of bank and trust department fraud
- Discuss the auditor's approach to detecting fraud
- Discuss the auditor's responsibility to report audit results
This online Auditing a Community Bank Trust Department course is made up of the following sections:
- Types of Bank Trust Relationships
- Fiduciary Duties and Regulatory Requirements
- Risk Assessment and Planning the Audit
- Trust Operations and Internal Controls
- Fiduciary Investments
- Physical Security and Fraud Detection
- Administrative Audits and Reporting Audit Results
This Auditing a Community Bank Trust Department online training course was designed for bank employees responsible for auditing a community bank’s trust department.
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