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
