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AuditOne is the responsive
leader in delivering
cost-effective, risk-managed internal audit and credit review
services to banks and
financial institutions.

 
About AuditOne, LLC
Community banks represent our core client base, all the way from de novo institutions up to those of several billion in assets. We have experience with all types of bank charter and regulatory authority. We also work with credit unions, finance and leasing companies, foreign bank offices, and other types of financial institutions. We are not a CPA firm and do not perform financial statement audits. Because our facility, insurance and other overhead expenses are so much lower than for CPA firms, we are able to pass along cost savings in the form of lower fees. Our dedication to client satisfaction has earned us the confidence of over 150 clients throughout the western US and selected other locations nationally.

Internal Audit Services
We offer a full selection of IA services comprising Credit Review & ALLL, IRR, BSA & Compliance, Information & Information Security, Operations, and Asset & Liability Management. We also have staff with expertise in specialty areas of networklike penetration testing, SBA lending, and trust services. In addition, we provide various, related advisory services such as efficiency studies, process reviews, due-diligence exercises, and other kinds of consulting engagements (for example, assisting institutions to meet the requirements of the December, 2006 Interagency Guidance Statement on the ALLL).

Responsive and Timely
AuditOne is the industry leader in responsiveness and timeliness. Our cost-effective audit approach enables us to deliver a draft audit report and all the completed workpapers before leaving the bank on the last day of fieldwork. Immediate delivery of workpapers for bank storage and bank access has received high marks from both regulators and clients. And at no extra charge, we can also provide soft-copy versions of workpapers, via our secure web exchange service. Our secure internal website streamlines the audit process by providing our associates direct access to past reports, workpapers, client histories, scheduling and work programs.

We have recently enhanced our audit report format to provide a more focused, risk-based approach to assessing the audited activities and their risks, the effectiveness of internal controls in place, and the relative importance of any findings encountered and remedial actions required.  We would be happy to share with you some examples of our reports.

Cost Effective Methodology
Our proprietary Enterprise Risk Assessment (ERA) analyzes each operational function within a bank and its component scope items, then calibrates the precise level of risk and internal control auditing necessary to meet safety, soundness and the latest regulatory requirements. The AuditOne ERA saves banks money by identifying and applying appropriate risk-based resources, including opportunities to safely defer or trim audits. It is the industry's most effective tool for audit and risk management planning.

Background
We have been performing comprehensive internal audit services under the name AuditOne LLC since 2003. Prior to that, our Chairman, Bud Genovese, was the founder (in 1993) of BancAudit Asssociates, a similarly-focused, outsourced IA company. In 2008, we performed 543 audits for 117 financial institutions and service providers.

Privacy and Security
Our business model is uniquely decentralized, relying heavily on secure electronic communications. We use encrypted computers to ensure client security, offer clients both secure e-mail and a dedicated, secure, readily-available online storage facility for report and workpaper access, and maintain dual back-up offices to meet business continuity requirements. In some cases, we are able to use all this to perform audit work remotely, at least in part. Whether on-site or off-site, besides information security we place heavy emphasis on mechanisms to ensure the quality control and responsive service for which we are well known.

AuditOne Means Quality... All the Way Through
The deeper you dig, the better AuditOne looks. From first-rate, readable audit reports delivered within two weeks, to ongoing consultation, to comprehensive and coordinated audit services, to Board-level consultative advice, to the spirit of becoming your internal audit and credit review experts "just down the hall," AuditOne delivers quality expertise … all the way through.

Prioritize Your Internal Audit Program
At AuditOne, we’re in the business of helping you manage your risk.  Do you have the right controls, and are they working effectively?  But before you can answer that, you need to know what risks they should be controlling.  Given the volumes and complexity of the products and services you offer, the experience of your management and staff, the delivery channels you use, the technology in place and your in-house vs. outsourcing reliance, etc., where are you vulnerable to losses?  And where, therefore, should your audit resources be most prudently deployed? This is the essence of our Enterprise Risk Assessment, which goes through all of the functional areas of your institution and assesses the inherent risk.

Latest News and Resources
03-17-11 Regulators Firming Up Independence of Bank Audit Committees
03-01-11 WIB - Evaluating the Pros and Cons of Banks Using Facebook
02.24.11 Avoiding Leaks in Compliance with the Flood Act
01-26-11
Interagency Guidance: Appraisal and Evaluation Guidelines
01-19-11 Staying on Top of Your Loan Portfolio


AuditOne Advisory
AuditOne issues a monthly Advisory keeping clients up-to-date on industry news and events. To subscribe to the AuditOne Advisory, send an e-mail (no subject or body text is necessary) to advisory-subscribe@audit-one.com


For the AuditOne, Inc. website, click below:
www.auditoneinc.com

(c) 2010 AuditOne, LLC.    |    Southern California Office   562.802.3581    |    Northern California Office   408.980.8099    |    info@audit-one.com