Trust Examiner School eBook

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Key Takeaways

Co-fiduciary accounts require shared administration, and it is generally held under common law that co fiduciaries act in unison.

In reviewing and rating the Compliance component, the following factors should be considered; compliance with laws/regulations and governing documents, adequacy of account administration policies and procedures, and effectiveness of control to identify conflicts of interest. When selecting account files examiners should prioritize having variety from each capacity, riskier account types, files with litigation, accounts with unique assets, recently opened or closed accounts, and accounts with prior examination issues.

Examination line sheets should be used to confirm what is on the synoptic record and review whether corrective action was taken to address prior exam issues.

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Exercise