The National Automated Clearing House Association (NACHA) has always had the right to request proof annual ACH audits are being completed (Appendix 8 – Rule Compliance Audit Requirement), and have begun requesting such information from randomly chosen Depository Financial Institutions.
An annual ACH audit must be conducted no later than December 31 of each year and retained for a period of six years from the date of the audit. This audit must be performed under the direction of the audit committee, audit manager, senior level officer, or independent (external) examiner or auditor of the Participating DFI, Third-Party Service Provider, or Third-Party Sender.
Receiving Depository Financial Institutions (RDFI’s) have posting requirements for ACH entries received as well as proper use of return codes and timeframes that must be met in order to limit your liability for loss. Did you know? If you offer loan payments to be debited from other financial institutions via ACH, that makes you an Originating Depository Financial Institution (ODFI) originating on your own behalf and requires additional audit requirements.
EPCOR auditors are Accredited ACH Professionals (AAP's), and have collectively conducted hundreds of ACH Audits and can assist you with being compliant with the NACHA Operating Rules & Guidelines audit requirements for both RDFI and ODFI. Just email audit@epcor.org for more information.