IT Examiner School, Providence, RI

Assess Wire and ACH Activities

Step 2: Evaluate audit coverage by:

• Reviewing the audit risk assessment, audit plan, audit policies  and procedures, etc. • Reviewing the available reports for thoroughness.  general significance of audit findings  is the scope and frequency of the ACH and wire audit  coverage sufficient and based on the risk?  have findings been addressed by management?  • ODFIs are required to conduct an annual audit of their  compliance with the NACHA Operating Rules.   

Assess Wire and ACH Activities

Step 3: Evaluate policies and procedures:

• Credit standards for intra‐day overdrafts of ACH or wire transfer  originations • Handling rejected/holdover transactions • Separation of duties • Daily balancing of accounts and transactions • ACH customer approval process, establishment of limits • Validation of wire requests through call‐backs or other established  authentication procedures • Incident response guidelines • Implementation of a comprehensive DR/BCP • OFAC policies and procedures (may be addressed only in BSA)