financial-auditor/references/tasks.md

Tasks & work activities — financial auditor

Source: O*NET 30.3, occupation 13-2061.00 (Financial Examiners).

Task statements

• [Core] Provide regulatory compliance training to employees.
• [Core] Investigate activities of institutions to enforce laws and regulations and to ensure legality of transactions and operations or financial solvency.
• [Core] Review and analyze new, proposed, or revised laws, regulations, policies, and procedures to interpret their meaning and determine their impact.
• [Core] Plan, supervise, and review work of assigned subordinates.
• [Core] Recommend actions to ensure compliance with laws and regulations, or to protect solvency of institutions.
• [Core] Examine the minutes of meetings of directors, stockholders, and committees to investigate the specific authority extended at various levels of management.
• [Core] Prepare reports, exhibits, and other supporting schedules that detail an institution's safety and soundness, compliance with laws and regulations, and recommended solutions to questionable financial conditions.
• [Core] Review balance sheets, operating income and expense accounts, and loan documentation to confirm institution assets and liabilities.
• [Core] Review audit reports of internal and external auditors to monitor adequacy of scope of reports or to discover specific weaknesses in internal routines.
• [Core] Train other examiners in the financial examination process.
• [Core] Establish guidelines for procedures and policies that comply with new and revised regulations and direct their implementation.
• [Core] Direct and participate in formal and informal meetings with bank directors, trustees, senior management, counsels, outside accountants, and consultants to gather information and discuss findings.
• [Core] Verify and inspect cash reserves, assigned collateral, and bank-owned securities to check internal control procedures.
• [Core] Review applications for mergers, acquisitions, establishment of new institutions, acceptance in Federal Reserve System, or registration of securities sales to determine their public interest value and conformance to regulations, and recommend acceptance or rejection.
• [Core] Resolve problems concerning the overall financial integrity of banking institutions including loan investment portfolios, capital, earnings, and specific or large troubled accounts.
• [Core] Evaluate data processing applications for institutions under examination to develop recommendations for coordinating existing systems with examination procedures.
• [Supplemental] Confer with officials of real estate, securities, or financial institution industries to exchange views and discuss issues or pending cases.

Detailed work activities

• Advise others on legal or regulatory compliance matters.
• Confer with others about financial matters.
• Coordinate with external parties to exchange information.
• Establish organizational guidelines or policies.
• Evaluate applicable laws and regulations to determine impact on organizational activities.
• Examine financial records or processes.
• Examine financial records.
• Implement financial decisions.
• Monitor financial indicators.
• Monitor organizational processes.
• Prepare operational reports.
• Review license or permit applications.
• Supervise employees.
• Train personnel in organizational or compliance procedures.
• Train personnel to enhance job skills.
• Verify accuracy of financial information.