The following tests are relevant where the accounts are interest-bearing deposits from customers.
Analyses
Stratify balances by size
Group accounts by product type
Age investment portfolio to analyze interest rate re-pricing risk
Stratify portfolio by size
Summarize portfolio by type, issuer, interest rate, maturity, etc.
Create charts of investment portfolio information
Calculations
Cast (or total) accrued interest
Prove interest capitalization, charges
Re-perform individual interest calculation
Exception Tests
Extract unusual interest rates or amounts
Identify/summarize dormant accounts and identify transactions thereon
Identify negative balances
Identify accounts with suppressed statements
Identify any records that are not complete or up-to-date
Test for money laundering
*Many of the previous tests are applicable to current or checking accounts. There are also a number of tests that can be carried out when searching for money laundering.
Other Tests Applicable in Certain Cases
Identify forward-dated transactions
Provide totals of forward-dated transactions
Identify overdue maturities
Identify customers over their overdraft limit or customers with expired limits
Identify dormant accounts and transactions thereon
Feb 19 Burton McCumber & Cortez: A Regional CPA Firm with International Clout Operational on both sides of the Texas-Mexico border, and with clients worldwide, ...
Jul 27 Originally published in the June 2017 issue of Strategic Finance.
Written by Kurt Reding, Wichita State University, & Carolyn Newman, Audimation Services
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Feb 28 Technology impacts our lives. It has the capacity to make the world feel smaller, and make us feel more connected. Very early in my career, I realized the impor...
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