SFAS 159 - Spring 2007
Customer Due Diligence - Fall 2006
Another added twist to the ongoing Bank Secrecy Act/Anti Money Laundering (BSA/AML) saga is the mandate for comprehensive customer due diligence (CDD) policy. This policy should define procedures and processes for obtaining customer information and assessing the value of this information in detecting, monitoring, and reporting suspicious activity.
New Antifraud Audit Standard Approved —SAS No. 99 - winter 2003
The Auditing Standards Board (ASB) of the AICPA has recently approved a new standard, Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement Audit SAS No. 99 provides auditors with additional guidance for detecting material fraud. The standard directs auditors to approach every audit with "professional skepticism" and not assume that management is honest. It puts fraud at the forefront of the auditor's mind.
Patriot Act - winter 2003
Are You Ready For The Patriot Act? USA Patriot Act of 2001. This act requires all financial institutions to establish due diligence policies, procedures, and controls that are reasonably designed to detect and report money laundering through correspondent banking accounts established or maintained for non-U.S. persons.
Allowance for Loan and Lease Losses (pdf file) - Fall 2002
Methods credit unions are to employ in determining the appropriate level of the Allowance for Loan and Lease Losses (ALLL)