Preparing for an audit is a major pain point for most financial institutions. In fact, when we surveyed one hundred and eighty seven community banks, more than ninety one percent of the institutions stated that preparing for an external audit or exam would take a minimum of five hours because they have to track down all the missing documents. Amount of time it takes is the most frustrating part. Second to that was a duplication of efforts. A document management system that offers electronic audit or exam preparation can save your bank significant time and money. Keeping your bank's information organized and optimized can go a long way towards taking the headache out of audit preparation. Our document tracking system with AccuAccount makes it easy to find exactly what you need, and you'll know whether it's in compliance. You can sort and filter by customer, account number or exception status. In seconds, you can view which documents are still pending along with due diligence notes. You can build an audit file in minutes and transfer files remotely and securely. A lot of banks share their excitement with us by saying that our software allows them to build exports, send to auditors digitally, and either keep them out of the bank or reduce the time they spend in bank. Filters allow your team to create audit files that include the exact information that is relevant for your compliance team and examiners. No more, no less. And there's a brand new feature in AccuAccount that allows you to export an FDIC file which they will accept electronically. How does the overall process work? After setting your parameters and building the audit file, it will be saved on your server. You can then save an audit copy on your local server or securely transmit it. The audit information will be displayed to them in a read only version of AccuAccount. They will not actually be in your live system. Instead, a copy of the information you built into the audit file will only be available to them. As one banker recently pointed out, there is a tangible cost savings associated with electronic audit preparation. Now, instead of printing or exporting audit files, auditors have everything they need to do their jobs. This has resulted in better audits and even allowed auditors to do virtual audits, which yield additional savings. We've also received feedback from auditors themselves saying they love the ease of use and organization of the files generated by AccuAccount. Auditors no longer have to dig through mountains of paper loan files. They can access the files they need without the needless back and forth. And you can keep them out of the bank. Use AccuAccount to make your next audit a smoother process for everyone involved.
Audit and exam preparation can be a major pain point for financial institutions. This is especially true for banks and credit unions that still rely on paper loan files. The good news is that preparing for an audit or exam doesn’t have to be a challenge. In fact, with a document management system that offers electronic audit and exam preparation (such as AccuAccount) you can build an audit file in minutes, not hours.
This short video provides a quick look at how AccuAccount simplifies the audit and exam preparation process for financial institutions. Gone are the days of searching through piles of files and paperwork only to discover that a document is missing. With AccuAccount, preparing for an audit is as simple as opening the application, selecting the desired customers and accounts, and downloading them to a disc. Our software will automatically add all documents, notes, exceptions, collaterals, guarantors, and other account and document information associated with the chosen customer. Hand this disc to your auditor instead of mountains of paper.
Ready to simplify audit and exam prep? Request a demo of AccuAccount for an in-depth look at our audit and exam prep capabilities.
