23 Dec 2013

Auditor in CaseLink Web Helps to Prepare you for your Next Audit

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Compliance Tip:

Tips on Preparing for an Audit

Every trustee will go through an audit sometime during their career. There are two types of audits trustees experience throughout their panel appointment, the Field Examination and the Independent Audit (formerly known as the OIG Audit).  Field Examinations are generally performed every two years, with Independent Audits occurring every four years.  The Field Examination is conducted by U.S. Trustee personnel and focuses on case administration and internal controls, while the Independent Audit is conducted by an approved, independent CPA firm.

During these audits, which typically take two to three days, the auditor will review approximately 10-15 cases.  These cases are not known ahead of time and are randomly chosen once the auditor arrives.

It is always best to operate as if the audit could happen at any moment.  The DOJ website provides copies of the most recent Handbook as well as two forms for the trustee to complete in advance of an audit.  The Internal Control Questionnaire (ICQ) and the Asset Administration Questionnaire (AAQ) detail the areas covered in the examination, and reference the appropriate explanations outlined in the Handbook.

Caselink Web has a built-in Auditor feature which has proven to be a tremendous asset in assisting trustees with preparation for their audits by uncovering potential issues in advance.  The Auditor feature also allows you to run queries, keep a working list and track past audits. Click here to find a list of tips and tricks for how to use the auditor feature in CaseLink Web to uncover and correct potential audit issues.

Along with the Auditor, CaseLink Web has an ICQ form that can be updated and maintained real-time within your Global Documents folder.  The AAQ should be downloaded from the EOUST’s website and filled out in advance of your audit, as you are required to provide it to the auditor upon their arrival. We recommend that you scan a signed copy and keep it in your Global Documents folder along with the ICQ.

BMS and your Account Manager can assist you in preparing for your audit.  It’s a good rule of thumb to notify your Account Manager the moment you receive notice that you are going to be audited.  They can go over any questions you may have while providing tips and reports that you can run. 

All of these recommendations can help you to achieve a successful and stress-free audit! If you have questions regarding any of these processes in CaseLink Web, contact our professionals in the BMS Support Center via email or call 800-634-7734, ext. 6. They can walk you through the step-by-step process.

Are there other audit tips you think other trustee offices should know about? Share them here.