A bank inspector, sometimes known as a bank examiner, is responsible for many of the quality control measure enacted by a bank which enables it to function as planned. In many cases, a bank inspector is part of an internal auditing system the bank already has in place. However, there are also often times when a bank inspector may be from outside the bank in order that there can be an unbiased, third-party opinion.
The bank inspector will assure that all transactions are logged correctly in their area of influence. As a matter of fact, the logs at a bank can be so extensive that it necessitates bank inspectors being focused on particular areas. Otherwise, the inspector may not have the time or expertise to get through many different facets of the operation as needed.
The audit done by a bank inspector may not only look at if transactions are logged properly, but many other areas of bank management. A bank inspection can be very comprehensive, with many different operations looked at. In addition to checking the accuracy of logs, this may also include determining the bank's net worth, its assets versus its liabilities, and other such important functions.
Once the basic checks are completed, the bank inspector may decide further research is needed into an area. If this happens, the case may be turned over to another inspector with expertise in investigations or other types of discrepancies. It is then up to that person to determine why there is a problem and if the problem is worth checking into. The vast majority of times this will be caused by employee error. In other situations, the employee may be deliberately falsifying information in order to steal from the company. If the inaccuracies are intentional, criminal charges may need to be filed by an appropriate law enforcement agency.
In addition to the internal bank inspector, others can also be acquired from an outside accounting firm for audits, or even by the federal government in the form of a bank regulator. This may be required to ensure the bank's participation in the FDIC program. No matter who the employer is, the job of a third-party bank inspector is nearly the same -- to determine if there is anything the internal inspector missed and make sure the bank is complying with all bank regulations.
Bank inspection requires at least a four-year college degree, often with appropriate experience in the area of accounting gained through practical job experience or through an internship program. Once graduated, bank inspectors can expect to make between $50,000 US dollars (USD) and $88,000 USD. The number is toward the lower end of the scale for those who are just coming out of college.