As regulatory changes are contemplated and promulgated, Huron provides clients with the most up-to-date thinking on how to address these changes with your compliance and operational programs.
This guide aims to provide context and illustrative examples of internal controls to assist your institution with the examination of its own internal controls in consideration of the framework provided by Part 6 of the Compliance Supplement. It is designed to provide a starting point for evaluation and discussion, given the increased attention and expectations for internal controls in the current regulatory environment, as well as the Single Audit.
For each of the 12 compliance requirements of the Single Audit (as defined by Part 3 of the 2017 Compliance Supplement), we walk through the five components of internal control and highlight a sample of key considerations for a selected set of principles.
With a strong understanding of your own internal controls, you can proactively focus enhancement and improvement efforts before auditors arrive on-site.
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