2023 Audit and Exam Issues Report

March 5, 2024

In 2023, NETBankAudit performed 265 audit engagements, including IT, Operations, BSA and Compliance. We also performed 793 cyber-based engagements, including penetration, system and process assessments and social engineering testing. Based on our analysis of these engagements, a survey of examination and audit issues was collected to assist our clients in identifying commonly reported examination and audit issues. An outline of hot topics, concerns, and trends is also provided.

Click Here for Report in PDF Format

NETBankAudit has been a very reliable and knowledgeable firm for our outsourced IT audit services. Their understanding of not only the IT audit environment but also regulatory and examiner expectations has greatly benefitted our organization. We recently had an urgent need for a specialized review and NBA was quick to respond and provided great service. I would highly recommend them to financial institutions looking to outsource or currently looking for an alternative provider.

James R. Edmondson, CCBIA VP – Internal Audit
First Bank & Trust Company, Abingdon, VA
$2.2 Billion in assets, 28 branches, FRB

NETBankAudit serves as our internal auditing team. Their attention to detail and mastery of regulations are invaluable tools to our organization. During the audit, when they have a recommendation or finding, they partner with us and aide us in an internal audit liaison capacity. It is not a typical auditor firm’s approach, who just present their report and findings with limited direction or follow-up. NETBankAudit’s approach also helps us prepare for regulatory reviews with regular “heads-up” guidance and coaching. The examiners value NETBankAudit’s quality and depth of coverage and leverage the detailed audit work papers to facilitate the examination process.

Dave Kittleson, Director of IT
Arundel Federal Savings Bank, Glen Burnie, MD
$444 million, 7 branches, OCC Regulated

NETBankAudit's Auditor was very knowledgeable and explained clearly what was needed from our side to help complete the audit as well as providing clear recommendations on where we could improve our controls. The audit was done very professionally. Everyone here at SECU that interacted with NetBankAudit here at SECU had the feeling of a partner.

Rodney Hill, VP Technology
Schlumberger Employees CU Sugar Land TX
$945M in assets, NCUA regulated

We were very satisfied with the model validation of our Verafin System. The NETBankAudit team was great to work with, very professional and kept us in the loop throughout the engagement. We will definitely consider working with them again for the annual validation!

Ken Helmrich, CAMS, CFCS 1st Vice President | BSA/OFAC Officer
Kearny Bank, Clifton, NJ
Assets $7B, FDIC regulated

We are very satisfied with our first NETBankAudit experience. Joe was easy to deal with and took the time to explain things to us. We are not technical experts, so we really appreciated his approach.

Steve Searfoss, Manager Of Member Services and Operations
AAA Federal Credit Union in South Bend, IN
Assets $73M, NCUA