trust audit services

Our trust audit services can help assure the quality of your institution’s ongoing operations and the effectiveness of your internal controls system. The key areas in a trust department are defined below. Consider these questions relative to your trust department activities:

• Policies/Procedures
  • Are your policies and procedures appropriate?
  • Are they current?
  • Are they in line with general industry guidelines?
• Administration
  • Are your accounts administered according to the governing instrument?
  • Are they in line with your policies and procedures?
  • Do they include appropriate client documentation relative to distributions?
  • Do they include appropriate client documentation relative to conflicts of interest?
• Investments
  • Are all investments properly authorized?
  • Are they suitable for the account’s objectives?
  • Are they reviewed timely?
• Operations
  • Are suitable controls in place for custody of assets?
  • Are suitable controls in place for reconcilements?
  • Are suitable controls in place for asset pricing?
• Management
  • Are important matters properly overseen, such as trust committee(s)?
  • How about income and expenses?
  • Are your audits and examinations properly overseen?

We understand that each trust department is unique in that it may include one or many of the following areas: personal trust, employee benefits, corporate trust, paying agent, and/or stock transfer. Plante & Moran can assist with the annual audit requirements for your trust department, or we can address any questions or issues that may arise.