Internal
Control
Reports:
Facts,
Myths,
and
Best Practices
Francis P. Thomas,
III
Audit Director
GLENMEDE TRUST COMPANY
Philadelphia, Pennsylvania
Suzanne Faulkner
Assurance
PRICEWATERSHOUSECOOPERS
San Francisco, California
How can you give clients assurance that the internal controls at your
financial institution are more than sufficient to avoid the pitfalls
recorded in the press of dealing with funds that turn out to be fraud
schemes, the loss of your investment returns and the stunning
realization your net worth may be way less than your statement balance?
Fears need to be addressed and the primary tool we have to publically
communicate the good news is a SAS-70 report. We’ll look at: (a) what
the report is; (b) what responsibility users of the report have to rely
on the results; (c) what you can do to leverage internal work and
reduce the cost to your institution; and (d) discuss the flip side of
how you can be a user of other SAS-70 reports as a way to improve your
due diligence and controls with outside vendors. Join us for this “eye
opening” discussion (this is the first session of the day!)
