Auditing custodial accounts
First Claim
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1. A system comprising:
- an auditing database system that is at least partially implemented in hardware including an auditing database system website receiving customer information directly from a customer with assets managed by a custodian, the customer information identifying at least one custodian and identifying assets managed by the custodian, wherein the customer self-reports an existence of accounts and assets managed by the custodian to the auditing database system;
a database system that is at least partially implemented in hardware receiving said customer information from said auditing database system website, said database system also receiving custodian information from a custodian relating to the customer and the customer'"'"'s assets;
sorting processor that is at least partially implemented in hardware performing a sort operation on the received customer and custodian information;
customer and custodian matching processor that is at least partially implemented in hardware for identifying matches between the sorted customer and custodian information;
said auditing database system having therein an auditor interface for outputting information to an auditor relating to the existence of matches and non-matches between said customer and custodian information, wherein the custodian information received by the auditor through the auditor interface is used by the auditor to perform an audit on the custodian to verify the existence of assets corresponding to the customer information;
customer/auditor interface unit for providing said customer with information from the auditor interface regarding the existence of matches and non-matches between said customer and custodian information; and
the auditing database system providing a recommended course of action and outline of the discrepancies if there are any non-matches between said customer and custodian information, wherein the recommended course of action includes communication with the auditor.
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Abstract
According to one embodiment of the present invention, a system for auditing custodian accounts is provided. The system includes a database system receiving customer and custodian information. A sorting processor performs a sort operation on the received customer and custodian information. A customer and custodian matching processor identifies matches between the sorted customer and custodian information. An interface unit outputs information relating to the existence of matches and non-matches between the customer and custodian information.
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Citations
22 Claims
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1. A system comprising:
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an auditing database system that is at least partially implemented in hardware including an auditing database system website receiving customer information directly from a customer with assets managed by a custodian, the customer information identifying at least one custodian and identifying assets managed by the custodian, wherein the customer self-reports an existence of accounts and assets managed by the custodian to the auditing database system; a database system that is at least partially implemented in hardware receiving said customer information from said auditing database system website, said database system also receiving custodian information from a custodian relating to the customer and the customer'"'"'s assets; sorting processor that is at least partially implemented in hardware performing a sort operation on the received customer and custodian information; customer and custodian matching processor that is at least partially implemented in hardware for identifying matches between the sorted customer and custodian information; said auditing database system having therein an auditor interface for outputting information to an auditor relating to the existence of matches and non-matches between said customer and custodian information, wherein the custodian information received by the auditor through the auditor interface is used by the auditor to perform an audit on the custodian to verify the existence of assets corresponding to the customer information; customer/auditor interface unit for providing said customer with information from the auditor interface regarding the existence of matches and non-matches between said customer and custodian information; and the auditing database system providing a recommended course of action and outline of the discrepancies if there are any non-matches between said customer and custodian information, wherein the recommended course of action includes communication with the auditor. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method comprising:
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receiving on an auditing database system website customer information directly from a customer with assets managed by a custodian, the customer information identifying at least one custodian and identifying assets managed by the custodian, wherein the customer self-reports an existence of accounts and assets managed by the custodian to the auditing database system; receiving on the auditing database system custodian information from a custodian relating to the customer and the customer'"'"'s assets managed by said custodian; identifying any custodian account information provided directly by customers contained in said received customer information which was missing from said received custodian information from a corresponding custodian; sorting said customer and said custodian information; finding matches between said sorted customer and custodian information; the auditing database system providing information regarding matching and non-matching customer and custodian information to an auditor having access to the auditing database system; performing an audit of said custodian by the auditor to verify the existence of assets corresponding to the customer information; providing said customer with information from the auditor regarding the existence of matches and non-matches between said customer and custodian information; and provide a recommended course of action and outline of the discrepancies if there are any non-matches between said customer and custodian information, wherein the recommended course of action includes communication with the auditor. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 22)
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18. A computer program product for facilitating an audit, said computer program product comprising:
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a non-transitory computer readable storage medium having computer readable program code embodied therewith, said computer readable program code comprising; computer readable program code configured to; receive on an auditing database system website customer information directly from a customer with assets managed by a custodian, the customer information identifying at least one custodian and identifying assets managed by the custodian, wherein the customer self-reports an existence of accounts and assets managed by the custodian to the auditing database system; receive on the auditing database system custodian information from a custodian relating to the customer and the customer'"'"'s assets managed by said custodian; sort said customer and said custodian information; find matches between said sorted customer and custodian information; provide information to an auditor of the auditing database system regarding matching and non-matching customer and custodian information, wherein an auditor performs an audit of said custodian to verify the existence of assets corresponding to the customer information; provide said customer with information from the auditor regarding the existence of matches and non-matches between said customer and custodian information; and provide a recommended course of action and outline of the discrepancies if there are any non-matches between said customer and custodian information, wherein the recommended course of action includes communication with the auditor. - View Dependent Claims (19, 20, 21)
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Specification