Description
Requirements to be covered in the ACH audit can change from year to year, so you need to be sure you are sufficiently prepared to cover all necessary requirements when you conduct your audit.
Background
The NACHA Operating Rules require all receiving and originating financial institutions to conduct an annual audit of rules compliance by December 31st of each year. Although all requirements contained in the NACHA Operating Rules are not expected to be audited, in order to conduct an audit that will meet the expectations of your regulators and examiners, you will want to ensure that you have a good working knowledge of the ACH network as well as the rules.
Requirements to be covered in the ACH audit can change from year to year, so you need to be sure you are sufficiently prepared to cover all necessary requirements when you conduct your audit. NACHA, the governing body of the ACH Network, can request proof of your audit for up to six years after the date of the audit. Failure to provide proof or comply with NACHA’s request may be considered a Class 2 rules violation, which can carry a potential fine of up to $100,000.
Agenda
• How ACH transactions flow through the network
• Uses of ACH transactions and how exception items are handled
• Explanation of the 2014 rule requirements that must be audited
• Guidance on how to audit the rule requirements
• Third-party service provider and third-party sender audit requirements
Benefits
Participate so you can:
• Identify areas that require additional policies, procedures or training
• Avoid financial loss by detecting processing and rule compliance deficiencies
• Conduct an audit that exceeds expectations of regulators and examiners
• Recognize audit exceptions and how to correct them
All attendees will also receive a ‘What Every ACH Auditor Should Know’ checklist, sample ACH audit worksheets, and a sample ACH audit report. Register today!
Who Should Attend
• Compliance Officers
• Auditors
• ACH Managers & Supervisors
• ACH Operations Staff