Internal Fraud and Computer Assisted Audit Tool (CAAT) with Errors, Omissions & Fraud Detection

The Premier Internal Fraud and Computer Assisted Audit Tool (CAAT) with Errors, Omissions & Fraud Detection

BancAudit™ has serviced auditors and others concerned with secure and controlled banking systems since 1985.

All types of analysis are supported including financial, non-financial, fraud detection, errors and omissions detection, confirmations, risk analysis, penetration testing and continuous event monitoring. Over 250 banks, leading CPA firms, and consultants have chosen BancAudit as their computer assisted audit tool. Audit and analysis routines are organized into the below four modules to facilitate understanding. User interface screens provide for rapid launching of tests and reports.

Customized Reporting, Confirmations, and Data Extracts. Thousands of core banking field attributes, sophisticated sampling techniques and customized math results are provided for producing customized reports, generating confirmations and creating data files for optional download.

This solution provides seamless access across multiple data sets including Account data, CIF data, Collateral Files, Common files, and more. Flexible plain English options are used to select from fields organized alphabetically by category, e.g. dates are converted to MMDDYYYY and grouped together, dollar fields are together, codes are together, etc. Flexible math options save computational results as data fields from which selections can be made for reporting, confirmations, or custom letters. Math options include automatic averaging, elapsed day computations, and progressive use of computational results.

Custom reports, confirmations, and trials can be produced directly from live bank database files or from previously created Data Marts. On any user defined schedule, hundreds of fields and their attributes can be worked with for selecting accounts and choosing fields to report on, confirm, or post to custom letters.

Sampling includes Unit Dollar, stratified, Nth. item, and exploratory. Detailed Control Reports are automatically produced as part of the confirmation and letter production process. The control report includes population statistics and sampling results. Confirmation Notices are sequence numbered. Confirmation notices and letters are zip code sorted, and hold-mail and foreign accounts are grouped for easy pulling. Single language, foreign language, and dual language confirmations and letters can be produced.

Pre-programmed analysis and fraud detection routines. Over 150 different types of pre-defined routines are delivered with BancAudit™. They include audit analysis, trials, fraud detection, exception analysis and error and omission analysis, deposit and loan accrual reconstruction’s and exception reporting, automated loan worksheets for documentation and credit reviews, interest rate monitoring, service charge errors, roll-over and evergreen loan detection, dormant recalculations, delinquent tests, independent trials, suspect duplicate addresses, loan extension exceptions, customer liability analysis, detection of internal kiting schemes, exceptions to notice production, and much more. Each can be launched in minutes and produced on any one-time or regular production scheduling using BancAudit’s built in scheduler.

Loan accrual reconstruction and detailed workups life-to-date — Validates accuracy of accruals, reports exceptions and highlights erroneous accrual adjustments and operational problems.

Delinquency workups with customized ageing — Independent workup and analysis of delinquent days, delinquent payments and delinquent amounts.

Unusual transaction patterns— Reports suspect activity such as force payments, principal adjustments, deposit accrual adjustments.

Exceptions to DDA Notice production

Board ready charting of excessive variances - Analyze any account classification between months and cumulative periods— Supports Sarbanes Oxley requirements

Fraud detection reports - Includes suspect Lapping, Internal Kiting, Rollover Loans, Balance Manipulation, and other types of Account Manipulation Schemes.

Deposit accrual workups period-to-date, life-to-date - Validate accuracy of LOAN, DDA, SAV and CD accruals.

Transaction and Account Maintenance Analyzer. This unique menu and parameter driven activity monitor allows banks to select, save, monitor, track, display on line, and report on any loan and deposit transactions and account maintenance activity.

Selected transactions or maintenance activity is merged automatically to a ‘user’ owned Data Mart for custom reporting and analysis. Banks can report on and audit suspect user actions, insider activities, and out-of-pattern and unusual transaction and maintenance activity over any time period. Banks can recreate and audit any of a bank's daily activity based reports and prove pass thru to the General Ledger. Any activity along with associated account information can be selectively saved and worked with independent of any purging process followed by the bank.

This solution is highly useful for detecting operational flaws, account manipulation, errors, omissions, insider activity, and employee and teller training problems.

G/L Interface. Four separate modules provide for creating customized reports, analyzing transaction activity, automating variance analysis and charting/graphing operating results and balance changes between periods.

Virtually every aspect of the general ledger including balances, the transactions that are passed through, and the month end budget, actual, and average totals can be independently worked with, charted, analyzed, reported on, and monitored.

Broad options are provided for custom management reports, tracking and selection of transactions, re-grouping of desired transactions, creating automated variance analysis reports, and performing risk analysis. A flexible month end balance selection and download routine creates management and board ready performance, analysis and variance charts using data that is automatically downloaded into pre-formatted Excel worksheets.

Rapid Installation and Setup Guarantees Quick Protection

FTG’s products are already interfaced and mapped to your database files and fields (supported banking systems). BancAudit™ is user installed and all routines are immediately ready to launch. By the morning following delivery, you will be receiving audit reports, trials, exception analysis, errors and omissions analysis, fraud alerts, and more. Your audit department and personnel involved in controlling database information receive immediate protection through BancAudit™. BancAudit™ automatically runs from any workstation, allows an unlimited number of users interfaced to encrypted security, and provides total user autonomy in controlling jobs.

Security and Independence

BancAudit™ is designed to increase auditor empowerment. This means we’ve designed BancAudit™ to give auditors total autonomy in accessing data, obtaining information, controlling scheduling, cancelling jobs, printing reports, establishing new users, and setting up security over access rights.

BancAudit™ includes it’s own security administrator, usually the auditor, who controls all aspects of using the product. Setting up and controlling new users takes only minutes and setups can be modeled.

The BancAudit™ security administrator can assign rights to users for any part of the product. For example, because the customized reporter is easier to use then Query and provides analysis reports that Query cannot, many auditors share the customized reporter with others in the bank. The security file is encrypted for added protection.

Real Time Support & Training

FTG’s full time staff includes professionals with the accreditations you should expect from a software firm producing independent audit software. For example we’re supported by audit and fraud detection experts including those with CIA, and CFE certification. Our senior technical (development) staff has been working with banking systems for upwards of twenty years.

We provide real time help and support and Webex (web-based) training. Onsite training is also provided which includes hands-on auditing of your banking system.

When BancAudit™ is delivered, we provide FREE support and setup and help you ‘tweak’ reports and analysis results to be sure you’re getting what you expect. Our customer support is consistently ranked as OUTSTANDING and we’re proud of the service we provide to our customers.

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