Project Background

A federal agency that serves as a compliance   agent for one of the housing and mortgage subsidy programs required assistance conducting   servicer  controls   audits,  issuing  reports  on these audits and providing  supporting  work papers  to its oversight agency.

Services & Solutions

  • Establishment of Quality Assurance  function  and scoring methodology for work papers
  • Quality Assurance  reviews  of work papers
  • Constructive feedback  to teams preparing  work papers
  • Preparation and review of work papers
  • Constructive feedback to testing  teams  regarding  completeness   and quality  of work papers
  • Communication of key updates,  observations,   and trends to Agency management
  • Agency management assistance with the refinement of internal control procedures  and templates
  • Assistance with the execution of the servicer audits identified by Agency management on a continuous basis
  • Participation in the pre-planning/planning activities conducted in preparation for the servicer audits
  • Advising the Agency on the identification and assessment of key risks and controls to develop additional audit procedures

Outcome & Results

  • Standardized Quality Assurance function and scoring methodology for audits
  • Standardized work papers to support compliance and reporting requirements
  • Enhanced internal controls activities and policies

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