Full ACH Audit
An Accredited ACH Professional (AAP) from our staff will conduct your annual ACH audit and examine each facet of your ACH operations including receiving, originating, record retention, timelines of processes, information reporting and completeness of agreements. ACH Audits can be performed for financial institutions as well as third-party vendors.
Benefits of Using This Service:
- Knowledgeable and accredited ACH Professionals (AAP) will work with you and your staff to successfully complete your required annual ACH audit.
- Your staff receives training while performing the audit as the WesPay staff explains the requirements during the process.
- Procedures and controls that can be strengthened are identified during the course of the review.
- An effective audit can serve as an early warning barometer and zero in on specific areas requiring additional attention.
This Service Includes:
- On-site completion of the audit requirement in Appendix Eight of the NACHA Operating Rules
- Review of operating procedures and internal controls
- Review of ACH exception handling
- Preliminary management meeting to review initial findings and recommendations
- Written ACH Audit Management Report with findings for improvement at the conclusion of the audit
The cost of this service depends on your financial institution’s deposit assets. Contact us for a price quote and to schedule a consultation.
The NACHA Operating Rules require every participating institution to conduct an annual audit of its ACH operations and related processes and to implement an ACH risk management program in accordance with the requirements of its regulators.
Insufficient internal resources, competing priorities and an increase in the complexity of ACH processes can constrain the depth of the review and the ability to perform the audit on time. WesPay offers financial institutions a trusted and experienced addition to internal resources.
Essential Areas of Compliance
- Record retention
- Entry acceptance
- Handling of Prenotes and Notification of Change items
- Availability and posting
- Statement information and payment information reporting
- Handling of Stop Payments, Return Items, and Adjustments Entries
- UCC4A compliance
- ACH data security
- Originator agreements and exposure limits (if applicable)