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Case Study

Audit Guidelines

A division of the Securities Industry Association (SIA)

As a benefit of membership, the SIA offers audit guidelines that outline specific steps associated with auditing various functions within a typical investment bank. These guidelines identify risks along with potential controls and offer suggested audit work steps. The client utilizes a combination of members and other subject matter experts to develop and/or update guidelines that address an evolving list of topics and functions.

We were engaged to review the list of guidelines for areas of update or development and to identify those that were in our purview of current industry knowledge and expertise. We identified over 20 topics that are within our area of competence. Since 1999 we have prepared and/or updated six guidelines, including Anti-Money Laundering and Electronic Funds Transfer. We continue this collaborative relationship.
We have increased our topic capacity through additional staff and expect to update or develop six guidelines per year. These guidelines will address topical issues that continue to improve the integrity the industry and present special challenges to the auditors. We leverage our expertise and maintain a current perspective on industry initiatives to provide "real world clarity" to support the audit function.

Our client retains members, as well as attracts new members, by providing a tangible benefit that members can use every day in executing their responsibilities. Using a combination of members and external resources permits the division to address the current and new needs of the division, membership, member firms and indirectly contribute to the safety of the industry.